March 25, 2010

4Q09 and 2009 Highlightsg g

Opening RemarksOpening RemarksCEO | Ricardo Valadares Gontijo

HistoryIPOIPOMarket in 2009: “Minha Casa, Minha Vida” ProgramStrategyDi i l G thDirecional Growth- Sales, Profits, Margins

View for the Future

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Recent EventsRecent Events

IPO – Initial Public OfferingTransaction completed in November 2009Listed in Novo Mercado of BM&FBovespaOffering proceeds of R$ 274 million, 100% primaryFree Float represents more than 39% of capital

Sh h ld B kd FundosShareholder Breakdown FiladélphiaParticipações S.A.1

Fundos administrados pela Tarpon2

Outros acionistas

60,7% 23,7% 15,6%

Tarpon2 Other

Free float = 39,3%

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1. Holding controlled by Mr. Ricardo Valadares Gontijo2. Funds Managed by Tarpon Investimentos S.A.

“Minha Casa, Minha Vida” ProgramMinha Casa, Minha Vida Program

Largest Housing Program in Brazil's history: R$ 34 billion to build 1 million housesDi i l h diff ti t d iti i t t k d t f th PDirecional has a differentiated positioning to take advantage of the Program

Differentiated PositioningGeographic Distribution of Benefits

DecentralizedProcess

DecentralizedProcess

Caixa Econômica Federal (“CEF”) has adecentralized approval processLong lasting relationship with CEF

10.3%

Regional ApproachRegional Approach The MCMV program has regional quotas

34.3%

7.0%

LimitedCompetition

LimitedCompetition

Limited competition from well capitalizedcompanies in regions where Direcional isoperating

36.4%

7.0%

CompetitionCompetition

PipelinePipeline

operating

43.763 units of the pipeline are eligible to

12.0%

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PipelinePipeline “Minha Casa, Minha Vida”Our verticallized Business model with high control of costs and

procces, alloows us to perform in all ranges of the Program

Land BankLand BankLand Bank of R$ 6,9 billion (R$ 4,7 billion % Direcional) with 57,522 unidadesLand Bank average cost of 7.5% of potential PSV and 72.4% acquired through swapLand Bank average cost of 7.5% of potential PSV and 72.4% acquired through swap

Land Bank Composition Large Scale Projects

AMPA

Status UnitsUnits to belaunched PSV to be launchProject

RO

MG

RO

DF

Manaus Total Ville AM Under construction 3,576 2,642 302.2

Total Ville Bella Città PA 4,049 3,561 380.2

Total Ville PA 5 712 5 188 562 9

Under construction

U d i95.3% of ourPSV

Total Ville Marabá PA 5,712 5,188 562.9

Allegro Total Ville AM 1,648 704 106.7

Santa M i DF 5,096 3,475 331.3

Under construction

Under construction

Under constructionPSV Breakdown per Segment Maria DF 5,096 3,475 331.3

Total Ville Porto Velho RO 2,428 1,938 172.2

Granjas Werneck MG Launching in

1H11E 15,000 15,000 1.500.0

Under construction

Under construction

Mid‐high

Commercial1.0%

Samambaia DF 14,614 14,614 1.584.0

52,123 47,122 4,939.4Total

Launching in 1H11E

1.1%

Medium16.7%

Popular81.1%81.2%

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“MINHA CASA, MINHA VIDA”43,763 units elegble programa

More than 76.1% of total Landbank

88% of the units comprise large scale projects17,546 units ready to be launched

LaunchesLaunches

Direcional PSV launched in 2009 reached R$ 783.3 million (Total PSV of R$ 921.6 million) with 9,360 unitsdistributed in 19 projects.

In 4Q09 868 units were launched with a PSV of R$ 89.7 million (R$ 80.9 million % Direcional)

Units Segmentation - 2009 Dispersion - 2009

320 3%

9,360

320.3%

Popular

Medium20%

North

Mid-west12%

2,227 5,359

2007 2008 2009

p79%

Mid-high1%

75%

Southeast13%

The average price of units launched in 2009 was R$ 98.5 thousand7,346 units (78.5%) are elegible for the “Minha Casa, Vinha Vida” Program

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Direcional is operating in all ranges of the program: 3,602 units in the range of 0-3 minimum wages

SalesSales

In 2009 we sold 7,824 units with total PSV of R$ 805.0 million (R$ 660.7 million % Direcional)Average sales speed in the quarter launch of 49 7%

Contracted Sales 4Q09 (R$ MN)Average sales speed in the quarter launch of 49.7%

Segmentation

84 7 137.3

38.4 24.2 675 units

1,106 units

+62.1%

84.7

4Q08 4Q09Direcional Partners

d

Dispersion

144 3 3 156 units7,824 units

Contracted Sales 2009 (R$ MN)

Mid‐west7%

441.2 660.7 164.8

144.3 3,156 units

+49.7%

Southeast13%

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2008 2009Direcional Partners

13%

InventoryInventory

Inventories at Market Value in 12/31/2009

PSV in Inventory (R$'000)

Units in Inventory% Units in Inventory

U d C t ti P j t 649 031 3 942 53 2%Under Construction Projects 649,031  3,942  53.2%Launches 4Q09 76,582  743  85.6%Launches 3Q09 215,892  1,322  29.6%Launches 2Q09 88,169  672  22.0%L h 1Q09 41 684 309 32 0%Launches 1Q09 41,684  309  32.0%Launches 4Q08 113,057  458  35.5%Launches 3Q08 58,712  251  15.1%Launches 2Q08 17,594  75  5.7%L h 1Q08 20 386 50 4 6%Launches 1Q08 20,386  50  4.6%Previous launches 1,654  62  5.7%Finished Projects 37,779  155  5.6%Total Inventory 686,810  4,097 

Direcional closed the year 2009 with 155 completed units in stock with market value totals of R$ 37.8 millionTh j t d t ti l d h 74 1% f th i it ld

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The projects under construction already have, on average, 74.1% of their units sold

Financial ResultsFinancial Results

Net Revenue (R$ MN)

377.6

+ 43.5%

82.2115.6

263.2+ 40.6%

Gross Income and Gross Margin

4Q08 4Q09 2008 2009

g

106.6

127.3

39.0%35 0%

32.040.4

35.0%40.5%

33.7%

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4Q08 4Q09 2008 2009Gross Income (R$ MN) Gross Margin (%)

Financial Results – Cont.Financial Results Cont.

Sales Expenses Adjusted G&A ¹ (R$ MN) (R$ MN)

7,626 4,28515,197 15,347

4Q08 4Q09 2008 2009

5,93714,710 19,127

27,874

4Q08 4Q09 2008 2009

9.3%7.2%

7.5% 7.3%

3.7%

5.8%4.1%

6.2%

2 7%2.5%

1 9%

5.8%4.8%

5.4%

3.2%2.7%

2.7% 1.9%

4Q08 4Q09 2008 2009

% Net Revenue % Total Sales

4Q08 4Q09 2008 2009

% Net Revenue % Total Sales

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% Net Revenue % Total Sales

1. Adjusted for expenses (non‐cash) with the Stock‐Option Program of R$ 6.0 million recognized in the period.

Financial Results – Cont.

Adjusted Ebitda and Adjusted Ebitda Margin

Financial Results Cont.

78.3

105.8

19.1 31.0

23.3% 26.8%

29.7% 28.0%

4Q08 4Q09 2008 2009Adjusted Ebitda (R$ MM) Adjusted Ebitda Margin (%)

Adjusted Net Income and Adjusted Net Margin

64.4

85.1

j j g

12.525.1

15.3%21.7%

24.5%22.5%

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4Q08 4Q09 2008 2009Adjusted Net Income (R$ MN) Adjusted net margin (%)

Balance SheetBalance SheetCash and Cash Equivalents (R$’000) 2008 2009Loans and FinancingSFH 57,156 121,165

Caixa Econômica Federal 1,769 31,221Banco Santander / ABN AMRO Real 33,798 44,340Banco Itaú / Unibanco 12,629 37,029Banco Itaú / Unibanco 12,629 37,029Outher Banks 8,960 8,575

FINAME and others 0 2,133Total debt 57,156 123,298C h d C h E i l t 60 174 313 881Cash and Cash Equivalents 60,174 313,881Net Debt -3,018 -190,583Net Debt / Equity -1.00% -29.00%

Amortization Schedule (R$ MN) Cash Burn (R$ MN)

32 7

14.5

25.322.5

32.741.2

48.1

27.8

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1Q09 2Q09 3Q09 4Q09

6.2

2010 2011 2012 2013

Results To Be RecognizedResults To Be Recognized

Results to be Recognized (R$’000) 2008 2009 Chg%g ( $ ) gDeferred Revenues 325,683  579,201  77.8%Deferred Costs ‐183,497 ‐340,385 85.5%Deferred Results 142,186  238,816  68.0%Margin 43.7% 41.2% ‐2.4 p.p.

Recognition Schedule

65.6%

26.2%

8.3%

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2010 2011 2012+

DisclaimerDisclaimer

This presentation contains certain forward-looking statements concerning the business prospectsThis 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 onmanagement’s current expectations and estimates of the future performance of the Company. Although theCompany believes such forward-looking statements are based on reasonable assumptions, it can give noassurance that its expectations will be achieved. Expectations and estimates that are based on the futureprospects of the Company are highly dependent upon market behavior, Brazil’s political and economicsituation, existing and future regulations of the industry and international markets and, therefore, aresubject to changes outside the Company’s and management’s control The Company undertakes nosubject to changes outside the Company s and management s control. The Company undertakes noobligation to update any information contained herein or to revise any forward-looking statement as a resultof new information, future events or other information.

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ContactContact

Investor Relations Department

Daniel AmaralCFO

Paulo TropiaIR Analyst

Lucas BousasIR Analyst

www.direcional.com.brri@direcional com brri@direcional.com.br

(55 31) 3235-4607