Santander CEO Conference - London

1. 1
Corporate Presentation
Santander Latin American Conference May/11

2. 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
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
Development of projects
focused on the low-
income market
Industrial projects acting
as contractor to third
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
Over 30 Years of History
A consistent track record and focus
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
Capture
significant
market
opportunities
MCMV II
Follow-on: $
228.8 million for
the Company
Increasing
liquidity
PSV Launched (R$ mm)
What’s Next?
CAGR 06-10: 110%
CAGR 06-10: 100%
67
176
710
783
1,067

4. 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
Carlos Wollenweber
CFO & IR Officer
Carlos Wollenweber
CFO & IR Officer
Lucas Rocha
Engineering Officer
Lucas Rocha
Engineering 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
Ana Carolina Huss
Human Resources Officer
Ana Carolina Huss
Human Resources Officer
•Board Member and responsible for Marketing, Sales and New Business
•Civil Engineer graduated by UFMG with the Gold Medal Award
•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. 5
Shareholder’s Structure
47.1% 15.0%
Filadélphia
Participações S.A. 1 Ridgecrest, LLCTarpon2 Other
6.9% 24.4%
GIC
6.6%
1. 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
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
Direcional: A Unique Business Model
The best low-income player in Brazil
Source: Company Report in the 4Q10
1. Annualized ROE: Annualized Quarter’s Net Profit / Average Shareholders' Equity in the same period
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
2
3
4

8. 8
Unique Footprint: High Growth Markets with Barriers to Entry
Land Bank Composition Barriers to Entry
Complex
Logistics
Detailed mapping of logistics and supply
channels
Large and vertically integrated projects
Scarcity of
Suppliers
Industrialization of raw materials
Vertically integrated model is rapidly
replicated
Adverse
Weather
Conditions
Pre-manufactured building materials
adapted to diverse climates
Expertise in coordinating construction
cycle and weather demands
Direcional's Approach
Unskilled
Labor
Highly-trained workers
Standardized and fully-integrated
construction
Compensation based on performance
1
Direcional is the leading company in underpenetrated markets with high growth potential
“MINHA CASA, MINHA VIDA”
50.6k units elegible for the program
74.2% of total Land bank
Source: Company Report

9. 9
Focus on Large Scale Projects …
Strong and unique expertise in large scale ventures
Source: Company Report
1. Projects with more than 1,000 units
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
Optimize construction processes
Urbanized projects
Licensed Projects
Lower Execution Risk
Lower Inflation Risk
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
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
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
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. 10
… Through a Verticalized Business Model
More than 10,000 exclusive workers assuring quality, commitment, efficiency and cost
control
Verticalized Business Model
Performance Based
Compensation
Capacity to Hire and Train
Operational Team
Lower Turnover
Ability to Deliver
3
Best Execution in the SectorBest Execution in the Sector
Construction DNAConstruction DNA
On Schedule:
Projects Delivered on Time
With High Quality:
Lower Maintenance Cost
On Budget:
Margin Stability
Own Work Force
VerticalizationVerticalization
Standardized /
Industrialization
Economies of Scale
All projects are based on
few designs
Source: Company Report

11. 11
Unique Expertise in the Low Income Segment
1. Company estimates – maximum cash exposure in % of total PSV
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$51 k / unit
Main Players
4
Equity
Commitment1
Units Launched
2010
~5%~15%~20% ~10%
60% / 7,391 units12% / 1,503 units 28% / 3,470 units
Mid / Low Income Low Income (MCMV – 4-10 MW) Very Low Income (MCMV – 0-3 MW)+ +
PSV Launched
2010
36% / R$ 380 mm35% / R$ 245 mm 29% / R$ 441 mm

12. 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
Efficient Cash
Cycle
Management
Land
Acquisition
Sales
Speed
Cash
Collection
Austere
Budget
Client
Financing
Construction
Financing
Land
Acquisition
Sales
Speed
Cash
Collection
Austere
Budget
Client
Financing
Construction
Financing
Avg. Unit Selling Price
NetMargin2010
Source: Company Reports in the 4Q10
38% VSO
80-100% of
construction
cost
80% Swaps
G&A of 6%
of Revenues
MRV
CCDI
Rodobens
PDG
Even
Helbor
Inpar
Cyrela
Tecnisa
Rossi
Trisul
Gafisa

13. 13
Growth Drivers
13

14. 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
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
1.2 million units
The regional distribution of the program should benefit
Direcional
400.000
1.200.000400.000
600.000
200.000
200.000
Phase 1 Phase 2
BRL 34 billion
BRL 72 billion
2.000.000 uniits
0-3
Wages
4-6
Wages
7-10
Wages
14
Growth Drivers: MCMV 2nd Phase
0-3 segment presents an outstanding growth opportunity

15. 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
Immediate gain of market share and visibility
New projects leveraging on our unique
business model
New Sites Selection Criteria
High Housing Demand
Access to Credit Lines
Operational Complexity & Region Expertise
Land Availability

16. 16
Operating and Financials Highlights
2010 and 1Q11
16

17. 17
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%
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. 18
Launches Breakdown
Launches
(Segment Breakdown - Units)
Launches
(Geographic Breakdown - Units)
Boulevard EsplanadaSetor Total Ville
Parque Silvestre
Brisas do Parque
Allegro Mall
Projects Launched in the 1Q11 .

19. 19
Sales
Contracted PSV
(R$ million)
Contracted
(Units)
Sales
(Geographic Breakdown - Units)
Sales
(Segment Breakdown - 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%

20. 20
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)
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%
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%
Inventory
PSV in Inventory (R$'000)
Units in
Inventory
Units in
Inventory
(without swap)
% Units in
Inventory
21
Inventory
PSV of R$ 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.
Only 3.8% of completed units in the
inventory

22. +107%
+64%
22
Financial Highlights
Adjusted Net Income and Net Margin1
1. Adjusted by non-cash expenses (Stock-Option Program).
Gross Revenue Breakdown: 1Q11
Net Revenues
+107%
35%
CAGR: 87,4%
Net Revenue and Net Margin Evolution

23. Revenue of Services Evolution
23
Financial Highlights
Gross Profit and Gross Margin
+95%
+31%
281,2% +18%

24. 24
Financial Highlights
Adjusted Ebitda and Ebitda Margin¹
Adjusted G&A¹ (R$ million) Commercial Expenses (R$ million)
+129%
+94%
+31%
+27%
+91%
+36%
1. Adjusted by non-cash expenses (Stock-Option Program).

25. Cash Position 1Q10 4Q10 1Q11 ∆∆∆∆ % ∆∆∆∆ %
(R$'000) (a) (b) (c) (c/a) (c/b)
Loans and Financing 142,672 302,374 348,307 144.1% 15.2%
SFH 138,545 226,056 282,674 104.0% 25.0%
Securitization of receivables - 46,843 36,429 - -22.2%
FINAME and others 4,127 8,882 8,611 108.7% -3.1%
Working Capital - 20,593 20,593 - -
Cash and Cash Equivalents 292,019 190,852 355,410 21.7% 86.2%
Net debt -149,347 111,522 -7,103
Net debt / Equity -21.5% 14.1% -0.9%
1. Cash Burn: measured by the variation of the net debt, less capital increases and dividends payed
* 1Q11: Adjusted by R$ 224 million of follow-on and R$ 40.3 million of dividends payment
25
Cash Position
Amortization Schedule
(R$ million)
Cash Burn¹ (R$ million)
Loans and Financing
(ex- securitization)
-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%
26
Results To Be Recognized
REF Recognition Schedule

27. 0
20
40
60
80
100
120
140
160
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
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
100
120
140
160
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
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
Shares Performance Since IPO
Before Follow On After Follow On

28. 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
Average Daily Volume¹
(R$’000)
+268%
+64%
Total # of Shareholders
1: three months before follow-on and three months after follow-on.

29. 29
Appendix
29

30. 5.7%
3%
5%
7%
9%
11%
13%
15%
Jan-04 Aug-05 Apr-07 Nov-08 Jul-10
30
Rising Income
The steady increase of household
disposable income, along with a higher
availability of housing credit, drives the
search for new homes
▲ Basic Goods Basket
▲ Real Minimum Wage
▲ Average Wage (Monthly)
HOUSEHOLDS’ DISPOSABLE INCOME
(Jan/03 – Aug/10)
Emerging Class C
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
EMERGING CLASS C (1)
(% households, 2003 – 2009)
Positive Job Market Trends
Poised to Capitalize on Soaring Demand
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.
+ +
Brazil’s social upward mobility has favored the sector
0
100
200
300
400
500
600
Jan-03 Nov-04 Sep-06 Aug-08 Jun-10
90
95
100
105
110
115
120
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)
‘04-’10 EMPLOYMENT GROWTH
(%, Jan/04 – Nov/10)
37%
50%
58%
2003 2009 2014
66mm 95mm
+29mm
113mm
+18mm
27%
38%
-3%
Total Formal Informal

31. Corporate Governance
Board of Directors
Board of Executive Officers
Operations
Shareholderes
► Own Governance Standards
► Nominate Members to the Board of
Directors
Advisory Committees
► Nominated by the Board of
Directors
► Not deliberative
► Bi-monthly meetings or ad-
hoc
Deliberative Committees
► Board of Directors + Directors
+ Guests
► Monthly meetings or ad-hoc
Investment
Committee
Finance
Committee
Compensation
Committee
► Fixed Assets
► Diversification
► Mergers and Acquisitions
► Cash Management Policies
► Capital Structure
► Risk Management
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
31

32. 32
Company Structure
Source: Company
Engineering/
Construction
Development /
Commercial
Detailed
Design
Health, Safety
& Environment
Viability
Studies
Market
Support/Sales
Administrative
Support
Quality/
Technology
Conceptual
Design /
Products
Legal
(Real Estate)
AM
DF,PA,RO
MG,ES
SP,RJ
AM
Special
Projects
(“0 – 3”)
President CEO
CFO / IR
Legal
(Corporate)
HR
Comunic. &
Market. Corp.
Budget/Supply/
Planning
Sustainability/C
ustomer
Relationship
Guidelines
Results
Shareholders
MG,ES
DF,PA,RO
SP,RJ
Clients

33. 33
Contacts
Carlos Wollenweber
CFO | IR Officer
Lucas Bousas
IR Analyst
Paulo Sousa
IR Assistant
www.direcional.com.br
ri@direcional.com.br
(55 31) 3214-6200
(55 31) 3214-6450