Direcional is a leading developer of residential real estate projects in Brazil, focused on the low-income segment. In the first quarter of 2011, Direcional launched 1,243 units with a PSV of R$223 million, representing increases of 58% and 32% respectively compared to the first quarter of 2010. Notable projects launched included Setor Total Ville in Brasilia with 416 units and Boulevard Esplanada in Belo Horizonte with 258 units. For full-year 2010, Direcional launched 12,364 units with a PSV of R$1.067 billion, demonstrating the company's expertise in large-scale, high-quality developments targeted at the growing affordable housing market in Brazil.

1. 1
Corporate Presentation
III Real Estate Conference – Banco Fator

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: 110%
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 Universidade Federal da Bahia, MBA degree from 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
47.1% 15.0%
Filadélphia
Participações S.A. 1 Ridgecrest, LLCTarpon2 Other
6.9% 24.4%
GIC
6.6%
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
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
7Source: Company Report in the 4Q10
1. Annualized ROE: Annualized Quarter’s Net Profit / Average Shareholders' Equity in the same period
2
3
4

8. AM
8.2%
RO
4.1%
PA
13.2%
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
1
ES
1.1%
MG
40.3%
SP
3.4%
DF
27.9%
RJ
1.8%
Popular,
79.3%
Upper
middle,
1.6%
Medium,
17.6%
Commercial,
1.4%
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
“MINHA CASA, MINHA VIDA”
50.6k units elegible for the program
74.2% of total Land bank
Source: Company Report

9. Focus on Large Scale Projects …
Strong and unique expertise in large scale ventures
2
Large Scale Projects¹
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
1,677 704
4,672 2,064
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 1H12
Granjas Werneck MG Launching in 2H12
Floramar MG Launching in 2H11
Samambaia DF Launching in 2H12
Projeto Macaé RJ Under construction
Sítio São João MG Launching in 2H12
Ferroeste MG Launching in 1H12
Total
78.2% of the units to be launched in large scale projects1
16 projects with close to 65 thousand units
2,270 128
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
65,688 54,015

10. … Through a Verticalized Business Model
More than 10,000 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
On Schedule:
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
Source: Company Report

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$51 k / unit
4
Mid / Low Income Low Income (MCMV – 4-10 MW) Very Low Income (MCMV – 0-3 MW)+ +
11
1. Company estimates – maximum cash exposure in % of total PSV
Main Players
Equity
Commitment1
Units Launched
2010
~5%~15%~20% ~10%
60% / 7,391 units12% / 1,503 units 28% / 3,470 units
PSV Launched
2010
36% / R$ 380 mm23% / R$ 245 mm 41% / 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 in the 4Q10
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
Total
(R$'000)
% Direcional
(R$'000)
Residencial meu Orgulho - 1ª Fase * Jun Manaus -AM 190,598 190,598 3,511
Bairro Carioca Oct Rio de Janeiro - RJ 114,240 114,240 2,240
Residencial Jardim Alterosa Dec 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
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

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
Operating and Financials Highlights
2010 and 1Q11
16

17. 1,067 12,364
Launches
PSV of R$ 223.3 million, or 1,243 units launched in the 1Q11.
12,364 units were launched in 2010, totaling a PSV of R$ 1,067 million
Launched PSV - % Direcional
(R$ million)
Launches
(Units)
+58%
36%
-2%
32%
783
1,067
141 223
2009 2010 1Q10 1Q11
9,360
12,364
1,266 1,243
2009 2010 1Q10 1Q11
17
+58% -2%
Total(R$'000)
% Direcional
(R$'000)
1 Setor Total Ville - 6ª Etapa FEB Santa Maria - DF 49,775 49,770 416 Popular
2 Parque Silvestre FEB Rio de Janeiro - RJ 19,338 15,857 220 Popular
3 Allegro Mall FEB Manaus - AM 16,716 16,715 29 Commercial
4 Boulevard Esplanada MAR Belo Horizonte - MG 59,137 59,078 258 Medium
5 Brisas do Parque Residencial Club MAR Manaus - AM 81,998 81,916 320 Medium
Launches 1Q11 226,965 223,337 1,243
1Q11 Projects Date City - State Segment# of Units
PSV

18. 39.0%
59.8%
40.0%
26.8%
97.8%
51.2%
20.0% 5.1%
46.5%
1.0%
7.0%
2.2%1.3% 2.3%
2009 2010 1Q10 1Q11
0 - 3 MW Popular Medium Upper Middle Commercial
13.0%
50.0%
73.3%
28.1%
12.0%
11.0%
24.5%
33.5%
75.0%
39.0%
2.2%
38.5%
2009 2010 1Q10 1Q11
North Midwest Southeast
Launches Breakdown
Launches
(Segment Breakdown - Units)
Launches
(Geographic Breakdown - Units)
0 - 3 MW Popular Medium Upper Middle Commercial
18
Boulevard EsplanadaSetor Total Ville
Parque Silvestre
Brisas do Parque
Allegro Mall
Projects Launched in the 1Q11 .

19. 7,824
12,359
661
1037
Sales
Contracted PSV
(R$ million)
Contracted
(Units)
In the 1Q11 Direcional sold 1,211 units with a total PSV of R$ 175.1 million
In 2010, we sold 12,359 units with total PSV of R$ 1,037 million
+7%
57%
-7%
58%
46.0%
59.9%
34.8%
25.9%
76.8%
54.3%
15.7% 11.1% 17.7%
39.8%
3.5% 2.7% 5.5%
3.5%
0.4% 2.4%
2009 2010 1Q10 1Q11
0 - 3 MW Popular Medium Upper Middle Commercial
79.7%
46.4%
57.7%
32.0%
7.7%
12.6%
34.6%
25.3%
12.6%
41.1%
7.7%
42.7%
2009 2010 1Q10 1Q11
North Midwest Southeast
1,309 1,211
2009 2010 1Q10 1Q11
164 175
2009 2010 1Q10 1Q11
19
Sales
(Geographic Breakdown - Units)
Sales
(Segment Breakdown - Units)

20. 48%1Q11 48%
33.8%
38.3%
23.7%
19.4% 20.8%
27.6%
22.1%
1Q10 2Q10* 3Q10 4Q10* 1Q11
With 0-3 mw projects Without 0-3 mw projects
Sales Speed
48% of the 1Q11 of units launched were sold during the 1Q11
Sales Over Supply of 22.1% in the 1Q11.
Sales Over Supply (VSO)
(Total PSV)
Sales Speed (%)
(# of units)
17%
89%
17%
87%
19%
4%
27%
4%
7%
3%
14%
5%
1%
5%1Q10
2Q10
3Q10
4Q10
3M 6M 9M 12M 15M
91%
58%
97%
53%
1Q10 2Q10* 3Q10 4Q10* 1Q11
20
1. In 2Q10 and 4Q10, the speed of sales was impacted favorably by the immediate recognition of 0-3 mw projects.

21. Total % Direcional
Launches 1Q11 126,941 124,519 698 592 52.1%
Launches 4Q10 132,977 77,695 458 442 8.5%
Launches 3Q10 76,919 74,865 773 704 41.0%
Launches 2Q10 62,036 61,974 152 121 3.0%
Launches 1Q10 79,202 71,239 607 560 45.9%
Launches 4Q09 2,071 2,070 18 18 2.1%
Inventory
PSV in Inventory (R$'000)
Units in
Inventory
Units in
Inventory
(without swap)
% Units in
Inventory
Inventory
PSV of R$ 636 million, or 3,804 units;
Inventory of completed units of R$ 20.1 million, or 199 units;
Projects under construction have an average of 86,4% units already sold.
Launches 4Q09 2,071 2,070 18 18 2.1%
Launches 3Q09 86,266 76,129 697 474 11.1%
Launches 2Q09 23,028 19,043 231 116 3.9%
Launches 1Q09 29,733 26,138 214 198 20.8%
Launches 4Q08 61,862 45,576 319 240 19.8%
Launches 3Q08 25,931 20,744 201 89 6.5%
Launches 2Q08 7,820 6,586 67 25 3.4%
Launches 1Q08 6,657 5,858 31 13 3.1%
Previous launches 6,151 3,058 39 13 2.8%
Under Construction 727,595 615,494 4,505 3,605 13.6%
Completed Units 42,467 20,096 224 199 3.8%
Total Inventory 770,062 635,590 4,729 3,804 11.9%
21
Only 3.8% of completed units in the
inventory

22. 85
176
37 51
22.5% 22.6% 26.3%
21.7%
-90.0%
-70.0%
-50.0%
-30.0%
-10.0%
10.0%
30.0%
-
20
40
60
80
100
120
140
160
180
200
2009 2010 1Q10 1Q11
378
782
143
234
2009 2010 1Q10 1Q11
+107%
+64%
Financial Highlights
Adjusted Net Income and Net Margin1Net Revenues
+107%
35%
2009 2010 1Q10 1Q11
Net Margin
2009 2010 1Q10 1Q11
Development,
76.2%
Management
Fee, 0.8%
0-3 MW
Projects, 22.5%
Brokerage, 0.5%
63.4 102.3 263.2 377.6 781.9 234.0
24.0% 21.1%
24.5% 22.5% 22.6% 21.7%
2006 2007 2008 2009 2010 2011
Net Revenue Net Margin
22
1. Adjusted by non-cash expenses (Stock-Option Program).
Gross Revenue Breakdown: 1Q11
CAGR: 87,4%
Net Revenue and Net Margin Evolution

23. 127
248
50 66
33.7% 31.7%
35.1%
28.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
-
50
100
150
200
250
300
2009 2010 1Q10 1Q11
Financial Highlights
Gross Profit and Gross Margin
+95%
+31%
2009 2010 1Q10 1Q11
Gross Margin
14,9 20,7 33,0 48,2 56,8 48,2 56,8
10,4% 12,5% 15,7% 18,3%
24,3%
18,3%
24,3%
1Q10 2Q10 3Q10 4Q10 1Q11 4Q10 1Q11
% of Revenues
Revenue of Services Evolution
23
281,2% +18%

24. 15.3
20.0
3.9 5.0
1.9% 1.6%
1.9% 2.3%2.4%
2.3%
-5.0%
-4.0%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
-
5.0
10.0
15.0
20.0
25.0
2009 2010 4Q10 1Q11
21.8
50.0
8.4
16.2
5.8%
6.4% 5.9%
6.9%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
-
10.0
20.0
30.0
40.0
50.0
60.0
2009 2010 1Q10 1Q11
Financial Highlights
Adjusted G&A¹ (R$ million) Commercial Expenses (R$ million)
+129%
+94%
+31%
+27%
2009 2010 4Q10 1Q11
% of Sales % of Sales without 0-3 mw projects
2009 2010 1Q10 1Q11
% of Revenue
106
202
42 58
28.0%
25.8%
29.7%
24.7%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
-
50
100
150
200
250
2009 2010 1Q10 1Q11
Ebitda Margin
24
Adjusted Ebitda and Ebitda Margin¹
+91%
+36%
1. Adjusted by non-cash expenses (Stock-Option Program).

25. Cash Position 1Q10 4Q10 1Q11 ∆∆∆∆ % ∆∆∆∆ %
(R$'000) (a) (b) (c) (c/a) (c/b)
Loans and Financing 142,672 302,374 348,307 144.1% 15.2%
SFH 138,545 226,056 282,674 104.0% 25.0%
Securitization of receivables - 46,843 36,429 - -22.2%
FINAME and others 4,127 8,882 8,611 108.7% -3.1%
Working Capital - 20,593 20,593 - -
Cash and Cash Equivalents 292,019 190,852 355,410 21.7% 86.2%
Net debt -149,347 111,522 -7,103
Net debt / Equity -21.5% 14.1% -0.9%
SFH, 90.6%
FINAME
and others,
2.8%
Working
Capital,
6.6%
Cash Position
Loans and Financing
(ex- securitization)
Net debt / Equity -21.5% 14.1% -0.9%
14,522
25,312 22,468
32,657
41,236
74,504
86,301
100,873
64,967
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11*
170
111
33 35
2011 2012 2013 +2014
1. Cash Burn: measured by the variation of the net debt, less capital increases and dividends payed
* 1Q11: Adjusted by R$ 224 million of follow-on and R$ 40.3 million of dividends payment
25
Amortization Schedule
(R$ million)
Cash Burn¹ (R$ million)
-36%

26. Results to be Recognized (R$'000) 1Q10 4Q10 1Q11 ∆∆∆∆ % ∆∆∆∆ %
(a) (b) (c) (c/a) (c/b)
Deferred revenues 623,125 740,269 762,873 22.4% 3.1%
Deferred costs -372,923 -424,802 -437,186 17.2% 2.9%
Deferred results 250,202 315,467 325,687 30.2% 3.2%
Deferred results - Margin 40.2% 42.6% 42.7%
Estimated schedule for deferred results apropriation 2011 2012 2013+
49.5% 44.7% 5.8%
Results to be Recognized (R$'000) 1Q10 4Q10 1Q11 ∆∆∆∆ % ∆∆∆∆ %
(a) (b) (c) (c/a) (c/b)
Deferred revenues 623,125 740,269 762,873 22.4% 3.1%
Deferred costs -372,923 -424,802 -437,186 17.2% 2.9%
Deferred results 250,202 315,467 325,687 30.2% 3.2%
Deferred results - Margin 40.2% 42.6% 42.7%
Estimated schedule for deferred results apropriation 2011 2012 2013+
49.5% 44.7% 5.8%
Results To Be Recognized
49.5%
44.7%
5.8%
2011 2012 2013+
26
REF Recognition Schedule

27. 100
120
140
160
6,000
7,000
8,000
9,000
10,000
PreçodaAção
Volume(R$mil)
100
120
140
160
6,000
7,000
8,000
9,000
10,000
StockPrice
Volume(R$'000)
Shares Performance Since IPO
Before Follow On After Follow On
0
20
40
60
80
-
1,000
2,000
3,000
4,000
5,000
18-Nov-09
1-Dec-09
11-Dec-09
23-Dec-09
8-Jan-10
20-Jan-10
2-Feb-10
12-Feb-10
26-Feb-10
10-Mar-10
22-Mar-10
1-Apr-10
14-Apr-10
27-Apr-10
7-May-10
19-May-10
1-Jun-10
15-Jun-10
25-Jun-10
7-Jul-10
21-Jul-10
3-Aug-10
16-Aug-10
30-Aug-10
15-Sep-10
1-Oct-10
14-Oct-10
26-Oct-10
8-Nov-10
23-Nov-10
3-Dec-10
17-Dec-10
30-Dec-10
12-Jan-11
24-Jan-11
4-Feb-11
16-Feb-11
28-Feb-11
14-Mar-11
24-Mar-11
5-Apr-11
15-Apr-11
29-Apr-11
PreçodaAção
Volume(R$mil)
Volume (R$ '000)
0
20
40
60
80
-
1,000
2,000
3,000
4,000
5,000
18-Nov-09
1-Dec-09
11-Dec-09
23-Dec-09
8-Jan-10
20-Jan-10
2-Feb-10
12-Feb-10
26-Feb-10
10-Mar-10
22-Mar-10
1-Apr-10
14-Apr-10
27-Apr-10
7-May-10
19-May-10
1-Jun-10
15-Jun-10
25-Jun-10
7-Jul-10
21-Jul-10
3-Aug-10
16-Aug-10
30-Aug-10
15-Sep-10
1-Oct-10
14-Oct-10
26-Oct-10
8-Nov-10
23-Nov-10
3-Dec-10
17-Dec-10
30-Dec-10
12-Jan-11
24-Jan-11
4-Feb-11
16-Feb-11
28-Feb-11
14-Mar-11
24-Mar-11
5-Apr-11
15-Apr-11
29-Apr-11
StockPrice
Volume(R$'000)
Average Volume (21 days) Direcional Ibovespa IMOB
27

28. 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
Controlling
60.5%
Tarpon
15.0%
Ridgecrest
8.0% Controlling
47.1%
Tarpon
15.0%
Ridgecrest
6.9%
GIC
6.6%
547.9
2,013.5
Before Follow On After Follow On
86
187
224
446
Dec. / 10 Apr. / 11
Investments Funds Individuals 28
60.5% 8.0%
GIC
3.6%Other
12.9%
Average Daily Volume¹
(R$’000)
+268%
+64%
47.1%
Other
24.4%
Total # of Shareholders
1: three months before follow-on and three months after follow-on.

29. 29
Appendix
29

30. How to Evaluate Direcional
Liquidation Value
NAV
(-) Land Bank (acquisition
price)
DCF of the Pipeline
Land Bank – Large scale projects
(PSV)
(A) Liquidation Value (B) Land Bank Pipeline DCF (C) 0-3 MW Valuation+
Valuation: (A) + (B) + (C)
DCF Hiden Value
MCMV Program – 0-3mw segment
= 1,2 million
Projected Direcional’s share: 3%-5% of mkt
+
price)
Period: 4-5years
16 projects with close to 65 thousand
units
78.2% of the units to be launched in
large scale projects
BRL 500 millions of potential value
Projected Direcional’s share: 3%-5% of mkt
share (36,000 -60,000 units)
Period: 4 years
Price / unit: 60~65k
Net Margin: 20~22%
30

31. 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
31
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

32. 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
32

33. 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
33Source: 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

34. Contacts
Carlos Wollenweber
CFO | IR Officer
Lucas Bousas
IR Analyst
34
IR Analyst
Paulo Sousa
IR Assistant
www.direcional.com.br
ri@direcional.com.br
(55 31) 3214-6200
(55 31) 3214-6450