1

UBS Global Emerging Markets ConferenceNew York, November, 30th, 2011

Development of projects

focused on the low-

income segment

Industrial projects acting

as contractor to third

parties

Beginning of

large scale

projects for the

low-income

segment

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

2

Over 30 Years of History

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

stock liquidity

46.8% 15.0%

Filadélphia

Participações S.A. 1 GICTarpon2 Other

7.2% 24.1%

Ridgecrest, LLC

6.9%

154.904.732 ordinary shares

1. Holding owned by Ricardo Valadares Gontijo and family

2. Funds managed by Tarpon Investimentos S.A.

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 0-3 minimum wages 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

3

Direcional: A Unique Business Model

The best low-income player in Brazil

Source: Santander sector report august 5, 2011.

The most profitable

and efficient player

in the low-income

sector

„‟‟‟„

Highest efficiency and profitability in the sector

19.0% of Annualized

ROIC1st Annualized ROIC

1

2

3

4

4

Unique Expertise in the Low-Income Segment

1. Company estimates – maximum cash exposure in % of total PSV

Solid track record in all low-income segments

Characteristics

Developer approach

Companies develop projects

and sell units to customers

Prices above R$170 k / unit

Most of customers mortgages are

provided by large private banks

Developer approach

Companies develop projects

and sell units to customers

Prices are capped at R$170 k / unit

CAIXA facilitates customer financing

Builder approach

Homebuilders present

projects to Caixa for

evaluation and approval

Usually land/infrastructure is

donated/provided by local

Government

Price are capped at R$51 k / unit

Main Players

Equity

Commitment1

Units Launched

2010

~5%~15%~20% ~10%

7,391 units (60%)1,503 units (12%) 3,470 units (28%)

Mid / Low-Income Low-Income (MCMV – 4-10 MW) Very Low-Income (MCMV – 0-3 MW)+ +

PSV Launched

2010R$ 380 mm (36%)R$ 245 mm (23%) R$ 441 mm (41%)

MCMV Program RET 1

Largest housing program in Brazilian history

First Priority of the Federal Government

The 0-3 segment has increased threefold, reaching 1.2 million units

The regional distribution of the program should benefit Direcional

5

Opportunities to be Captured in the Low-Income Segment

400,000

1,200,000400,000

600,000

200,000

200,000

Income limit R$ 1.6k limit R$ 3.1k limit R$ 5.0k

MCMV1

BRL 34 Billion1,000,000 Units

MCMV2

BRL 72 Billion2,000,000 Units

Special taxation regime: Lower tax rate (from 6% to 1%)

Large Scale Projects

Industrialized construction process

Units under R$ 75.0 thousand

6.00%

1.00%

RET1Tax Rate 1%

RET6Tax Rate 6%

Tax Rate

1st Phase “MCMV”

6

The most relevant player in the very low income segment in Brazil

PAR 2nd Phase “MCMV” RET1+ + +

# of projects: 5

# of Units: 3,602

Total PSV: R$ 153.7 million

Previous to “MCMV”

Program

# of projects: 3

# of Units: 7,391

Total PSV: R$ 380.3 million

# of projects: 2

# of Units: 6,724

Total PSV: R$ 392.5 million

# of projects: 5

# of Units: 2,540

Total PSV: R$ 149.2 million

Units under R$ 75.0

thousand

RET 1% Projects:

# of projects: 5

# of Units: .2,540

PSV: R$ 149.2 million

Very Low Income Projects:

# of projects: 10

# of Units: .17,717

Total PSV: R$ 926.6 million

Large Scale Projects + Industrialized construction process

Petrópolis - AM Meu Orgulho 1st Phase Meu Orgulho 2nd Phase Total Ville Macaé - RJ

Direcional as Contractor Direcional as Developer+

7

On September 1st, Direcional signed an agreement with the State of Amazonas and Caixa Economica Federal for the

construction of the 2nd phase of “Meu Orgulho” project in Manaus, with PSV of R$ 313.4 million.

# Units

Segment

Housing PSV

Infrastructure PSV

3,511

MCMV 1st Layer

R$ 149.2 million

R$ 41.4 million

Total PSV R$ 190.6 million

Location Manaus - AM

“Residencial Meu Orgulho” – 1st Phase

Launch 2Q10

# Units

Segment

Housing PSV

Infrastructure PSV

5,384

MCMV 1st Layer

R$ 272.6 million

R$ 40.7 million

Total PSV R$ 313.4 million

Location Manaus - AM

“Residencial Meu Orgulho” – 2nd Phase

Launch 3Q11

Agreement with CEF to develop the 2nd phase of “MeuOrgulho” Project

8

VÍDEO

www.direcional.com.br/ri

Efficiency in Operating the Low-Income Segment

The 0-3 model presents similar margins with a higher ROIC

Main Advantages of 0-3 MW Model

No commercial risks

Non marketing & Brokerage costs

Lower tax rate (from 6.7% to 1.0%)

Lower equity invested for land acquisition

Lower cash exposure

Higher ROIC

100% of the units pre sold to CAIXA

Constructive process

9

Operational Highlights

Launches

Sales

Land Bank

Inventory

10

Operational Highlights

9M11 9M10 D %

Launched PSV% Direcional

R$ million 1,019 652 56%

Launched Units Units 9,698 7,171 35%

Contracted PSV% Direcional

R$ million 863 631 37%

Cantracted Units Units 8,518 7,018 21%

VSO (Sales Over Supply) % PSV 50.4% 53.6% -3.3 p.p.

Land Bank - Potential PSV% Direcional

R$ million 6,991 6,224 12%

Land Bank - Units Units 67,361 66,167 2%

127

441 661

1.037 774

89

2007 2008 2009 2010 9M11

Incorporação Compra Participação

863

176

710 783

1.067 888

131

2007 2008 2009 2010 9M11

Incorporação Compra Participação

1.019

11

CAGR 07-10: 82%

Launched PSV – Track Record

(R$ million)

CAGR 07-10: 101%

Contracted PSV – Track Record

(R$ million)

Operational Highlights

Land Bank (% PSV)

ES1%

AM14%

MG38%

RO4%

SP6%

PA13%

DF22%

RJ1%

Launches Breakdown 9M11 (%PSV)

Low-Income, 52.4%

Commercial, 4.8%

Medium, 36.0%

Upper-Middle,

6.8%

North, 67.7%

Mid-west, 5.6%

Southeast, 26.7%

MCMV 1st layer, 35.3%

Low-Income, 22.4%

Medium, 25.4%

Upper Middle,

5.4%

Commercial, 11.5%

Units Launched in 2Q11 1.732

Contracted Units 700

Contracted in 2Q11 253

Contracted in 3Q11 368

Contracted on October 79

Units to be sold* 1.032

Sales Status: RET1

38.3%

22.1%

36.7%

20.8%

27.6%

18.5%16.0%

3Q10 4Q10 1Q11 2Q11 3Q11

With MCMV 1st Layer project Ex MCMV 1st Layer project

12

Sales Over Supply

(Total PSV)

Sales Speed (%)

(Units)

Sales Status of RET1 Projects (launched in the 2Q11)

Impacted by the lower

launched PSV in the

3Q11

Sales Speed

17%

87%

48%

20%

90%

27%

4%

21%

20%

14%

1%

9%

9% 2%3Q10

4Q10

1Q11

2Q11

3Q11

3M 6M 9M 12M 15M

40%

78%

93%

70%

90%

40%

60%Contracted Units

Units to be sold*

* RET1 sales are subject to the mortgage facility approval by CEF

13

Concluded Projects – 9M11

DF 29%AM

26%

RO 22%

ES 12%

MG 8%

SP 3%

Concluded Projects(Geographic Breakdown % PSV)1 Equilibrium Manaus - AM 2Q11 43,561 136

2 Águas do Madeira Porto Velho - RO 2Q11 40,973 4263 Grand Prix Manaus - AM 2Q11 36,983 1924 Lake View Resort Brasília - DF 2Q11 87,812 2325 Garden Club - Fase 01 Porto Velho - RO 2Q11 27,515 3136 Dream Park Serra - ES 2Q11 35,704 2827 Gran Paradiso Belo Horizonte - MG 3Q11 13,621 1288 Villagio Santa Mônica Belo Horizonte - MG 3Q11 10,219 1209 Vernissage Campinas - SP 3Q11 8,448 58

Total 304,835 1,887

Projects City - StatePSV % Direcional

(R$ '000)UnitsQuarter

271

286

536

1,050

2,230

2,003

7,984

12,201

9,528

14%

7%

9%

% in Inventory23%

Concluded Projects

2008

2009

2010

2011

Launched Inventory

53

63

95

220

275

886

783

1,067

1,019

7%

12%

21%

% in Inventory27%

Concluded Projects

2008

2009

2010

2011

Launched Inventory

14

Inventory

Inventory(Units)

Inventory PSV(R$ million)

Only R$ 53 million (or 271 units) are concluded inventory;

87% of units under construction have already been sold;

Reduction of 7% of the total inventory in the 3Q11.

PSV (R$'000) % Direcional Units in Inventory

Total Inventory 705,493 4,373

15

Financial Highlights

Financial Performance

Liquidity Ratios

Deferred Results

DIRR3 Stock Analysis

16

Financial Highlights

1 - Adjusted for interest capitalized in costs

2 - Adjusted for non-cash expenses (Stock-Options Program).

3- Net profit in the last twelve months / Average Shareholders' Equity in the same period

9M11 9M10 D %

Net Revenue R$ million 776 519 50%

Gross Margin¹ % 31% 34% -3.3 p.p.

EBITDA² R$ million 179 138 30%

EBITDA Margin2 % 23% 27% -3.6 p.p.

Net Income2 % PSV 151 126 20%

Net Margin2 % 19% 24% -4.8 p.p.

ROE LTM³ % 19% 21% -2.1 p.p.

63.4 102.3 263.2 377.6 781.9 776.3

24.0% 21.1%24.5% 22.5% 22.6%

19.4%

2006 2007 2008 2009 2010 9M11

Adjusted Net Margin (%)¹

17

Financial Highlights

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

CAGR 06-10: 87,4%

Net Revenues – Track Record

(R$ million)

15.2 21.5 64.4 85.1 176.4 150.7

24.0%21.1%

24.5%22.5% 22.6%

19.4%

0. 0%

5. 0%

10. 0%

15. 0%

20. 0%

25. 0%

30. 0%

0. 0

20. 0

40. 0

60. 0

80. 0

100. 0

120. 0

140. 0

160. 0

180. 0

200. 0

2006 2007 2008 2009 2010 9M11

Evolução do Lucro Líquido Ajustado¹ (R$ milhões)

Adjusted Net Margin ¹

14.9 20.7 33.0 48.2 56.8 57.7 72.4

10.1%12.2%

15.2%17.7%

23.8% 23.0% 23.7%

1T10 2T10 3T10 4T10 1T11 2T11 3T11

% Gross Revenue

Development, 76.5%

Management Fee, 0.7%

MCMV 1st Layer, 22.3%

Brokerage Fee, 0.4%

Revenue from Services – Track Record

(R$ million)

Net Income1 – Track Record

(R$ million)

Gross Revenues Breakdown-9M11

18

Cash, Debt and Cash Burn

Cash Burn¹ (R$‟000)

Loans and Financing

(ex- securitization)

1. Cash Burn: measured by the variation of Net Debt

* 1Q11: Adjusted by R$ 223.8 million of follow-on and R$ 40.3 million of dividends payment

* 3T11: Adjusted in the amount of R$ 15.6 million, from the Share Repurchase Plan

14,52225,312 22,468

32,65741,236

73,695

86,301

100,873

64,967

33,965

51,609

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11* 2Q11 3Q11*

Moving Average of Last 4 Quarters

3Q11 2Q11 3Q10 D % D %

(R$'000) (a) (b) (c) (a/b) (a/c)

Loans and Financing 437,708 408,630 245,724 7.1% 78.1%

SFH 372,640 341,303 184,243 9.2% 102.3%

Receivables Securitization 35,273 37,216 53,097 -5.2% -33.6%

FINAME and others 9,480 9,149 8,384 3.6% 13.1%

Working Capital 20,315 20,962 0 -3.1% n/a

Cash and Cash Equivalents 343,618 381,768 235,075 -10.0% 46.2%

Net debt 94,090 26,862 10,649

Net debt / Equity 7.9% 2.3% 1.4%

SFH, 92.6%

FINAME and others,

2.4%

Working Capital,

5.0%

19

Deferred Results

REF Recognition Schedule

16.9%

44.5%38.6%

2011 2012 after 2012

Deferred Results Consolidated (R$'000) 3Q11 2Q11 3Q10 D % D %

(a) (b) (c) (a/b) (a/c)

Deferred results Consolidated (1+2) 499,703 413,476 380,825 20.9% 31.2%

Deferred revenues 1,325,614 1,076,829 979,936 23.1% 35.3%

Deferred results - Margin 37.7% 38.4% 38.9% -0.7 p.p. -1.2 p.p.

Deferred results Development (1) 328,803 312,496 278,536 5.2% 18.0%

Deferred revenues 773,964 723,042 673,976 7.0% 14.8%

Deferred results - Margin 42.5% 43.2% 41.3% -0.7 p.p. 1.2 p.p.

Deferred results MCMV 1st Layer projects (2) 170,899 100,979 102,289 69.2% 67.1%

Deferred revenues 551,651 353,787 305,960 55.9% 80.3%

Deferred results - Margin 31.0% 28.5% 33.4% 2.4 p.p. -2.5 p.p.

1,151

1,651

1,379

500

Book Value 3Q11 REF Book Value + REF Market Cap 20

Share Repurchase Plan

Market Cap = 84%BV + REF

Date: 11/28/2011

Term 60 days 180 days

Starting date 8/12/2011 10/24/2011

Expiring date 10/11/2011 4/20/2012

Status finished active

# of shares approved by the Board (a) 4,500,000 4,000,000

# of repurchased shares (b) 1,633,800 -

% (b/a) 36.3% 0.0%

Buy back Approved (c) 35,000,000.00 30,000,000.00

Total Expenses 15,618,904.00 0.00

% (d/c) 44.6% 0.0%

Average price 9.56 0.00

Share Repurchase Plan - Details Plan 1 Plan 2

21

Direcional vs. Peers

SETOR; 13.2%

BISA3; 12.2%

CCIM3; -8.9%

CRDE3; 3.9%

CYRE3; 9.0%

19.6%

EVEN3; 16.7%

EZTC3; 23.7%

GFSA3; 5.9%

HBOR3; 26.4%

JHSF3; 29.9%

MRVE3; 22.5%

PDGR3; 14.8%

RDNI3; 9.2%

RSID3; 12.8%

TCSA3; 17.2%

VIVR3; 2.3%

TRIS3; -12.8%

25%

30%

35%

40%

45%

50%

55%

60%

65%

-10% 0% 10% 20% 30% 40%

Ne

t Re

ven

ue

/ T

ota

l A

sse

ts

Net Margin

Slow turnover and margin above averageSlow turnover and margin below average

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

Company; ROESize: Leverage(Assets/Equity)

Color: Average Price - Launched units in 9M11

Low-Income - up to R$ 200,000 per unit

Medium - between R$ 200,000 and R$ 400,000

High-Income - above R$ 400,000

Sector

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

19

-No

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Pre

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Vo

lum

e (

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

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Sto

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Vo

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Average Volume (21 days) Ibovespa IMOB Direcional

22

Shares Performance Since IPO

Since IPO

DIRR3: -14.0%

IBOVESPA: -13.5%

IMOB: -11.5%

23

Disclosure

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.

24

Contacts

Carlos WollenweberCFO | IR Officer

Jose Francisco DutraTreasurer | IR

Lucas BousasIR Analyst

Paulo SousaIR Analyst

www.direcional.com.br

ri@direcional.com.br

+55 (31) 3214-6200

+55 (31) 3214-6450