1

Corporate Presentation

July, 2013

History and Business Model

3

More Than 30 Years of History

47%

Filadélphia

Participações S.A.1 Others

53%

155,298,749 ordinary shares

1. Holding owned by Ricardo Valadares Gontijo and family

Industrial projects acting

as contractor to third

parties

Important geographic

expansion: Brasília, Rio

de Janeiro and

Campinas

Development of projects

focused on the low-

income segment

Beginning of large scale

projects for the low-

income segment

Consolidation of a

leading position in

Manaus and Brasilia

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

Establishment of

own sales team

1981 - 2005 2006-2007 2008 2009 2010 2011

Record net

revenue of R$ 1.1

Billion, a 37%

YoY growth

MCMV II

Follow-on: $

228.8 million for

the Company

Increasing stock

liquidity

The most relevant

player in the

MCMV 2nd phase

Level 1

More than

R$ 1 billion on

projects delivered

during 2012

2012

Latin American

Asia 13.8%

North American

4.1%

Europe

15.8%

Brazil

17.2%

49.1%

Free Floating ( others 53%)

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 segment

Over 30 years of experience

Solid track record in MCMV Level 1 projects

Low equity 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

4

Direcional: A Unique Business Model

The most profitable

and efficient player in

the low-income

sector

‘’’’

High efficiency and profitability

ROE¹ among the highest in the sector

1

2

3

5

Annualized ROE¹: 17%

1. Annualized ROE: Annualized 1Q13 Net Profit / Average Shareholders' Equity in the same period

The best low-income player in Brazil

Industrialization Aluminum panels and concrete walls technology

45 days to develop a five floors building

4

2012- 2011- D %

Launched PSV% Direcional

BRL million 2,346 1,447 62%

Contracted PSV% Direcional

BRL million 2,267 1,230 84%

Sales Over Supply (VSO) % PSV 71.7% 58.8% 12.9 p.p.

Net Revenues BRL million 1,449 1,107 31%

Adjusted¹ Net Income BRL million 227 199 14%

Adjusted¹ Net Margin % 15.6% 17.9% -2.3 p.p.

Main Figures

5 1 -Adjusted by non-cash expenses (Stock-Options Program).

1Q13 1Q12 D %

Launched PSV% Direcional

BRL million 420 143 193%

Contracted PSV% Direcional

BRL million 530 133 300%

Sales Over Supply (VSO) % PSV 40.7% 16.1% 24.6 p.p.

Net Revenues BRL million 389 344 13%

Adjusted¹ Net Income BRL million 57 54 5%

Adjusted¹ Net Margin % 14.7% 15.8% -1.1 p.p.

1Q13 - Main Figures

6 1 -Adjusted by non-cash expenses (Stock-Options Program).

7

The Growth Coming From The Very Low-Income

Total PSV Launched– Track Record

(R$ million)

783 710

2008 2012

CAGR +35%

1,067

2009

2,346

2010

1,447

2011

Development MCMV Level 1

Launched PSV - MCMV Level 1

(R$ million)

924

634

2010

686

2009 2008

710

2012

698

2011

CAGR 0%

Launched PSV - Development

(R$ million)

0

CAGR +123%

522

2012

380

2011 2010

1,647

2009

149

2008

Very Low Income Projects:

# of projects: 19

# of Units: 45,757

Total PSV: R$ 2,954.5 MM

8

MCMV Level 1 – Government’s first priority

2,600,000

+300%

MCMV2

1,600,000

800,000

200,000

MCMV1

1,000,000

400,000

400,000

200,000

Income < R$1.6k (MCMV Level 1)

Income < R$3.1k

Income < R$ 5.0k

MCMV1 & MCMV2

(# of units)

1st Phase MCMV 2nd Phase MCMV

# of projects: 3

# of Units: 7,391

Total PSV: R$ 380.3 million

# of projects: 16

# of Units: 38,366

Total PSV: R$ 2,574.2 MM

+

Direcional`s Contracted MCMV – Level 1

(PSV million)

Direcional`s Contracted MCMV – Level 1

(Units)

+215%

+333%

1Q13

405

2012

1,647

2011

522

2010

380

+38%

+214%

+162%

8,872

2012

23,234

70,894

2011

58,892

2010

7,391

51,451

Average Price

9

Focus on Performance

33% 49%

3Q11

45%

59%

7%

43%

8%

1Q11

29%

63%

8%

49%

7%

2Q11

7%

31%

60% 75%

18%

4Q12

70%

23%

7%

1Q13 3Q12 4Q11

8%

41% 36%

56%

2Q12

9% 9%

1Q12

50%

Units Under Construction by Construction Method

(% of Units)

1 Aluminum mold and concrete walls method

Conventional Structure (Concrete Pillars) Concrete Blocks Industrial Construction¹

1Q13 1Q12 D %

Units Under Construction 55,119 35,899 54%

% of Industrialization (# of units) 75% 50% 24 p.p.

Construction Sites 49 37 32.4%

Average # of Units by Construction Sites 1,125 970 16%

# of Cities 13 10 30%

Development

Development PSV - Track Record

(Units)

36

1,606

2012

5,576

3,142

2011

1,705

5,296

2010

2,337

1Q13

4,259

Delivered

Launched

Operating Highlights

11

Launches Breakdown – 2Q13

12

Launches by Segment

(% PSV)

Launches by Region

(% PSV)

10% 13%25%

1%

1H13

26%

60%

1H12

28%

62%

2%

2Q13

36%

37%

2Q12

27%

73%

Southeast North Northeast Midwest

13%

18% 14%

1%

17%

13%

1H13

93%

2% 4%

1H12

42%

2Q13

90% 10%

2Q12

8%

2% 8%

55%

7% 2%

MCMV Level 1 Upper-Middle

Commercial Medium RET1

Low-Income

Launched PSV

(R$ million)

+41%

-5%

+6%

1H13

866

807

59

1H12

613

259

354

2Q13

446

403

44

1Q13

420

405

15

2Q12

470

259

211

Development

MCMV Level 1

RO

RJSP

4

DF

CE

35

6

1

2

13

Sales and VSO – 2Q13

2Q13

49.6%

21.2%

1Q13

40.7%

15.2%

4Q12

55.4%

15.2%

3Q12

41.3%

18.7%

2Q12

36.5%

21.2%

With MCMV Level 1 project

Without MCMV Level 1 project

2Q12 95%

88% 3% 2%

1% 1%

3Q12 97% 95%

1%

1%

0%

4Q12 99% 98% 0% 0%

1Q13 100% 100% 0%

2Q13 98%

3 M 6 M 9 M 12 M 15 M

Sales by Period of Launching - 1Q13

(% PSV – Ex-MCMV Level 1)

7%7%

1Q12

2Q12 3Q12

4Q12

<2012

18%

6%

22%

2% 1Q13

2Q13

38%

Contracted PSV

(R$ million)

Sales-over-supply (VSO)

(% Units)

Sales Speed

(% Units)

Record sales in 2Q13;

SoS of 49.6%.

321

2Q13

543

403

140

1Q13

+85%

405

125

2Q12

448

259

189

+21%

+2%

1H13

1,073

807

266

1H12

580

259

530

MCMV Level 1

Development

14

Land Bank

59,5% are large scale projects (over 1,000 units)

74,6% are eligible for the MCMV Program

76,7% were acquired by physical or financial Swap

Average acquisition price of 9,4% over PSV

R$ 6.4 Billion

63,461 units

Land Bank by Segment

(% PSV)

Land Bank Track Record in 1Q13

(R$ million in PSV)

2269

6,447 -286

1Q13 Launches

15

Review of

Assumptions

Acquired

Land Bank

2012

6,734

Land Bank by Region

(% PSV)

Type of Payment

(1Q13 – % PSV)

Swap 58.9% Cash 41.1%

53%

Low-Income

Upper-Middle 6%

Medium 38%

Commercial 3%

Acquisition of 1 plant of

land with total PSV of R$

43.5 million.

ES 2%

AM 14%

MG 40%

RO 5%

SP 7%

PA 9%

DF 21% GO

2%

15

Inventory

2.012

Concluded Units

2.011

2.013 <2010

2.010

29%

38%

2% 15% 2%

15%

Midweast 17.0%

Southeast 33.4%

North 49.5%

Inventory Track Record

(R$ million)

Inventory by Launch Period

(% PSV)

Inventory Market Value by Region

(% PSV)

2Q13: Reduction of 16% in total inventory;

1H13: Reduction of 32 % in inventory of completed units.

88

1Q13

667

561

106

2012

800

670

130 603 -24.6%

-9.5%

2Q13

515

Under Construction

Concluded Units

Total % Direcional

Under Construction 600.236 514.981 85,3% 1.620 79,9%

Finished Units 104.277 88.443 14,7% 408 20,1%

Total 704.513 603.423 100,0% 2.028 100,0%

InventoryPSV in Inventory (BRL'000)

% Units in Inventory %

Financial Highlights

16

17

Financial Results

396 +10.9%

+6.3%

1Q13

246

150

4Q12

373

237

136

1Q12

357

259

98

Net Revenue

(R$ million)

2009

378

365 13

2008

263

255 8

2007

102

102

CAGR +68%

2012

1,368

914

454

2011

1,072

806

266

2010

782

668

114

Net Revenue – Track Record1

(R$ million)

Development

Services

Revenue from Services – Track Record1

(R$ million)

150136120103988272585748332115

1Q13

39.2%

4Q12

39.9%

3Q12

31.3%

2Q12

30.8%

1Q12

27.5%

4Q11

27.1%

3Q11

23.7%

2Q11

23.0%

1Q11

23.8%

4Q10

17.7%

3Q10

15.2%

2Q10

12.2%

1Q10

10.1%

Revenue from Service % of Gross Revenue

Revenues from Real Estate Sales

Revenues from Services

1.Non adjusted in accordance to the new consolidation account rules

18

Operational Consistency

Adjusted¹ Gross Profit

(R$ million)

112 +3.8%

1Q13

97

15

29%

1Q12

108

96

12

31%

Gross Profit

Interest capitalized in costs

Adjusted Gross Margin¹

Gross Revenue

(R$ million)

38%

28%

396 +10.9%

1Q13

246

150

1Q12

357

259

98

Revenues from Real Estate Sales

Revenues from Services

% from Services

1.Adjusted by non-cash expenses (Stock-Options Program). 2. Aluminum mold and concrete walls method

Adjusted¹ Net Income

(R$ million)

15%

16%

+5%

1Q13

57

1Q12

54

Adjusted¹ Net Margin

Adjusted¹ Net Income

19

Financial Results

1. Adjusted by non-cash expenses (Stock-Options Program).

Adjusted¹ G&A

(R$ million)

Sales Expenses

(R$ million)

97

73

232424

-1.8%

+32.6%

2012

6.7%

2011

6.6%

1T13

6.0%

4T12

6.4%

1T12

6.9%

40

28

699

-32.6%

+42.3%

2012

2.8%

2011

2.6%

1T13

1.6%

4T12

2.4%

1T12

2.6%

Sales Expenses % Net Revenue Adjusted¹ G&A % Net Revenue

+4.4%

30.4%

2012

317

21.9%

2011

243

22.0%

1T13

83

21.4%

4T12

83

22.2%

1T12

80

23.2%

Adjusted¹ EBITDA Margin

Adjusted¹ EBITDA

(R$ million)

227199

576654

14.1%

2012

15.6%

2011

17.9%

1T13

14.7%

4T12

17.6%

1T12

15.8%

Adjusted¹ Net Income

(R$ million)

Adjusted¹ Net Income Adjusted¹ Net Margin

20

“Repasse” and Cash Burn

-30

1Q13 4Q12 1Q12

-75

-43

3Q12

-5 -50

2Q12

Cash Burn

(R$ Million)

+33%

110.3

-19%

72.8

136.2

1Q12

63.4

4Q12

39.8

82.9

43.1

1Q13

52.9

57.4

Financing Transfer (“Repasses”)

(R$ million)

"Associativo"

SFH

Cash Burn – Adjusted by Accounts Receivable

(R$ milhões)

Net Cash Burn from

the increase on

Accounts Receivable

of Finished Units

40.2

70.5

Cash Burn Variation on

Accounts Receivable

of Finished Units

-30.3

Geração de

Caixa Após o

Repasse

Seasonal reduction in the number of financing installments passed on to the banks impacted cash flow in 1Q13;

Net of accounts receivable from completed units, it represents cash flow of R$ 40 million;

The increase in accounts receivable from completed units is due to the PSV of R$154 million delivered in the quarter.

BRL (Million) 1Q13 4Q12 D %

Accounts Receivable (BRL'000) -Development 1,450 1,375 5%

Concluded Units 577 506 14%

Under Construction 874 869 1%

21

Capital Structure

Receivables Assignment

2.1% CRI 11.7%

Working Capital

3.2% FINAME and Leasing 2.5%

SFH

80.5%

Net Debt Adjusted by Receivables from Delivered Units

(R$ million – 1Q13)

203

Net Debt

Adjusted By

Receivables

from Delivered

Units

Receivables

from Delivered

Units

577

Net Debt

374

Cash and

Equivalents

434

Total Debt

807

1Q13 4Q12 D %

(BRL million) (a) (b) (a/b)

Debt 807.3 793.2 1.8%

SFH 649.7 622.6 4.4%

CRI 94.8 99.8 -5.0%

Securitization - 3.6 -100.0%

Receivables Assigned 16.7 28.9 -42.2%

Working Capital 20.2 18.2 10.6%

FINAME and others 25.9 20.1 29.1%

Cash 433.7 449.9 -3.6%

Net debt 373.6 343.3 8.8%

Net debt / Equity 24.6% 22.7% 2 p.p.

Debt Breakdown

(% Total Debt)

22

Deferred Results

Schedule of Deferred Results

(%)

6%

41%

53%

2015 2014 2013

Deferred Results

(R$ million)

4Q12

699

226

490 34.1%

2.6%

1Q13

716

256

443

1Q12

534

324

210

Development

MCMV Level 1

1Q13 4Q12 D %

(R$ million) (a) (b) (a/b)

Consolidated Deferred results (1+2) 716.5 698.5 2.6%

Deferred results - Margin 27.3% 27.9% -0.5 p.p.

Deferred results - Development (1) 226.3 255.7 -11.5%

Margin 38.7% 38.8% -0.1 p.p.

Deferred results - MCMV Level 1 projects (2) 490.2 442.8 10.7%

Margin 24.1% 24.0% 0.1 p.p.

23

Improvement on DIRR3 Float

Number of Investors

(#)

+69%

1,573

+195%

Mar.13

675

898

Dec.12

933

480

453

Sep.12

652

283

369

Jun.12

531

214

317

Mar.12

533

217

316

Investment Funds

Personal Investors

+51%

11,789

+827%

1Q13 4Q12

7,795

3Q12

2,539

2Q12

1,039

1Q12

1,272

Average Trading Volume

(# of Transactions)

Average Trading Volume

(R$ 000)

616

245108115

+121%

1,359

+1,083%

1Q13 4Q12 3Q12 2Q12 1Q12

BISA3; -16,1%

CYRE3; 14,3%

EVEN3; 14,4%

EZTC3; 24,5%GFSA3; -5,8%HBOR3; 26,1%

MRVE3; 12,9%

DIRR3 17,2%

RDNI3; 10,3%

RSID3; -12,7%

TCSA3; -8,4%

SETOR; -4,0%

TRIS3; 6,7%

25%

30%

35%

40%

45%

50%

55%

60%

-50% -30% -10% 10% 30% 50%

Net

Re

ven

ue

LTM

/To

tal A

sset

s

Net Margin¹

Slow turnover and margin above averageSlow turnover and margin below average

Fast turnover and margin below average Fast turnover and margin above average

Company; ROE LTMSize: Leverage (Assets/Equity)

Color: Average Prince - Launched Units Last 24 months

Low - up to R$ 200k per unit

Medium - between R$ 200k and R$ 400k per unit

High - above R$ 400k per unit

Setor

1. Direcional: Adjusted for non-cash expenses (Stock-Options Program)

24

Outstanding Results

17.2%

Source: Company Earning Release 1Q13 Annualized

(As of 1Q13)

Appendix

25

26

Brasilian Mortgage Track Record

27

Construction Inflation (INCC) Track Record

Brazilian construction cost index, base 100 = Jan/2005

28

Contacts

Carlos Wollenweber CFO | IR Officer

Paulo Sousa IR Analyst

Luiz Felipe Almeida IR Analyst

www.direcional.com.b/ir

ri@direcional.com.br

(55 31) 3214-6200

(55 31) 3214-6450