Corporate PresentationBTG Pactual XVII CEO Conference

February , 2016

History and Business Model

2

Timeline and Ownership Breakdown

48.6%

Controlling Shareholders

46.8%

153,398,749 ordinary shares

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 48% annual

growth in PSV

launched (CAGR)

36% annual

growth in net

revenue (CAGR)

Follow-on

MCMV 2

Establishment of

own sales team

1981 - 2005 2006-2007 2008 2009 2010 - 2012 2013

Record net

revenue of R$ 1.7

Billion, a 20%

YoY growth

More than

R$ 1.2 billion on

projects

delivered

Increasing stock

liquidity

Strong cash

generation

reached R$ 158

million

2014

Others 1%

Asian 9%

Europe 20%

North American 39%

Brazil 31%

Free Floating (others 48%)

Date: 07/06/2015 3

Treasury Shares Others

4.6%

Verticalized

Business Model

Track Record in

Operating in the low-

Income segment

Low equity commitment,

solid margins and high

ROIC

Focus on Large

Scale Projects 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

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 sectorROE¹: 13%

1. LTM ROE (2014): Net Income in the Last Twelve Months / Average Shareholders’ Equity in the Last Twelve Months (net of non-controlling interest in silent partnerships and SPEs)

The best low-income player in Brazil

Industrialization Aluminum panels and concrete walls technology

45 days to develop a five floor building

1

2

3

4

4

Over 30 years of experience

Solid track record in MCMV Level 1 projects

Employment and income Government subsidy (tax)

Development

Companies develop projects and

sell units to customers

Price over R$ 225,000 / unit.

Market interest rate

Consumer Confidence

Mortgage

Business segments

1. Company estimates - maximum exposure of cash as % of total PSV

Features

Construction (services)

Developers will submit projects to

Caixa or Banco do Brasil for

evaluation and approval

Price up to R$ 76,000 / unit.

Usually, the local government

provides financial compensation, land

and / or infrastructure.

Development

Companies develop projects and

sell units to customers

Price up to R$ 225,000 / unit.

Interest Rate subsidized 4.5% - 8.2%

Level 2, subsidy up to R$ 27,500 /

unit.

Drivers

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

MCMV Level 1 MCMV Level 2 e 3 Medium Income (SFH)+ +

PSV launched

201420% / R$ 340 million72% / R$ 1.2 billion 8% / R$ 119 million

Cash commitment1

5

Launched - Construction Service

(PSV R$ million)

CAGR: -6%

2014

456

2013

523

2012

698

2011

924

2010

686

2009

630

Launched - Development

(PSV R$ million)

522380154

1,198

2013

2,041

2012

1,647

201120102009

CAGR:+91%

2014

Construction Service Development

MCMV Level 1

+ Little or no cash burn

+ Higher ROE

+ Lower risk

+ Non-cyclical market

- Gross Margin

Development

- Higher cash burn

- Lower ROE

- Higher risk

- Cyclical market

+ Gross Margin

Total Launched - Track Record

(PSV R$ million)

630 686 924 698 456523

522380

72%80%

70%

36%

20%

2,565

2013

1,198

1,654

2014

2,041

2012

2,345

1,647

2011

1,447

36%

2010

1,067

2009

783

154

Construction Service

% Construction Service

Development

The Growth Coming From The Construction Service(MCMV Level 1)

6

MCMV Level 1 vs Development: Net FCF with no SalesCancellations

Cash flow (traditional project vs MCMV Level 1 project)

-20%

-10%

0%

10%

20%

10Q9Q8Q7Q6Q5Q4Q3Q2Q1Q0Q-1Q-2Q-3Q-4Q

Traditional Development

MCMV Level 1 MCMV Level 1 Project Construction

• 100% of units sold to the Federal Government: No delinquency and sales cancelations from this segment, benefiting

consolidated figures

• The Fist range of MCMV implies almost no working capital needs.

Land

acquisition Comercial

launchEnd of

construction

Hired to

Traditional Project Construction

Cash Exposure

MCMV Level 1

Development

7

Low-Income Segment

8

Consistent track record in the Low-Income segment(2007-14):

# of projects/phases : 43

# Units : 16,584

Total PSV : R$ 1,370.3 million

Average PSV : R$ 31.9 million

Average Units : 386

+46.8%

9M14

2,239

9M15

3,288

2015

232

2014

119

2013

11

2012

108

2011

210

2010

303

2009

358

2008

184

2007

58

Low-Income Segment

20082007 20152014

1,198

2013

2,041

2012

1,647

2011

522

2010

380

2009

154

MCMV Level 1

Launches

(PSV - R$ million) The VSO of Low-Income projects launchedin 2014 was 80%, greatly superior to theCompany's consolidated ratio, which, excludingLevel 1 projects, was 45%.

Industrial construction method, withaluminum structures and concrete walls, thusthe development may be delivered in anestimated period from 15 to 18 months.

“Associativo” financing model, accordingto which customers are transferred to bankswhen the sale is carried out, which significantlyreduces the risk of a sale being canceled.

Landbank - Low-Income

(PSV - R$ million)

Focus on Industrialization

9

Focus on Performance

56% 60% 70% 75% 78% 83% 85% 88% 89% 90% 90% 91%

36% 31%23% 18% 16%

88%

2%3%2%3%4%4%5%6%6%

3Q13

11%

2Q131Q13

8%

1Q15

7%7% 8%7%

3Q12

9%

2Q12

9%

2Q15

7%

4Q143Q142Q14

8%

1Q14

8%

4Q13

10%

4Q12

Units Under Construction by Construction Method

(% of Units)

1 Aluminum mold and concrete walls method

Concrete BlocksConventional Structure (Concrete Pillars) Industrial Construction¹

10

2Q15 2Q14 D %

Units Under Construction 73.028 76.211 -4,2%

% of Industrialization (# of units) 91% 88% 2 p.p.

Construction Sites 58 58 0%

Average # of Units by Construction Sites 1.259 1.314 -4%

# of Cities 19 19 0%

Construction Technology

45 days to develop 2 buildings with 5 floors and 4 apartments per floor

Video: http://www.direcional.com.br/ri

Aluminum Panels and Concrete Walls

11

Operating and Financial Highlights

12

Launches

456

208

36

154

438

2015

+35%

+478%

-4%

20144Q153Q154Q14

Launches: Development

(PSV - R$ million)

In 4Q15, Direcional launched three projects, totaling 1,000 units and PSV of R$ 227 million (% Direcional of R$ 208 million).

In 2015, 53% of launches were targeted at the low-income segment.

Launches by Region - 9M15(% PSV)

79%

Southeast

Midwest

21%

Launches by Segment - 9M15(% PSV)

Medium36%

Upper-Middle

Low-Income

22%

53%

13

Contracted Net Sales

+12%

-21%

2015

345

2014

437

4Q15

104

3Q15

93

4Q14

137-24%

Contracted Net Sales: Development

(PSV R$ million)

Contracted net sales reached R$ 104 million in 4Q15, a 12% growth compared to 3Q15;

In 2015, the Low-Income segment reached 41% of total sales, and projects located in the southeast region represented 50% of the total sales;

The northern region was responsible for 26% of sales in 2015, even though it had no launches in the period.

Midwest

24%

Southeast 50%

North

26%

Sales by Region –4Q15(% PSV)

Upper-Middle / Commercial

14%

Medium45%Low-Income

41%

Sales by Segment – 4Q15(% PSV)

14

Inventories

Inventory by Region(% PSV)

Inventory Evolution – 4Q15 (PSV R$ million)

Inventory by Launch Period(% PSV)

4Q15

989

Price

adjustment

and swaps

50

Net Sales

345

Launches

438

2014

846

Finished Units

26%

<2012

11%

201215%

20135%

2014

16%2015

26%

Midwest

Southeast47%

22%

North

32%

By the end of 4Q15, Direcional had 3,346 units in inventory totaling a PSV of R$ 989 million in terms of market value;

Reduction of R$ 64 million (20%) in inventories in the Northern region, when compared to the end of 2014.

15

Inventory - Finished Units

Inventory Evolution (Units)

Finished Inventory(Geographic Segmentation - % PSV)

32%

Southeast 47%

Midwest

22%

North

Direcional presented a high turnover of its inventory of finished units. Over the 2015, Direcional sold 46% of the units that were concluded by the end of 2014;

Reduction of R$ 33 million in finished inventory of the Northern region during 9M15, representing a reduction of 39%;

27% of the inventory of finished units is comprised by hotel units, which have a low carrying cost.

16

398558

899

739

Concluded

Inventory 4Q15

Delivery and Sales

Cancellations Units

Gross Sales of

Concluded Units

Concluded

Inventory 2014

13%

Southeast 47%

North40%

Midwest

Finished Inventory 2014(Geographic Segmentation - % PSV)

Deliveries

Deliveries Evolution

(LTM: PSV - R$ million)

Deliveries by Economic Segment – 4Q15 LTM(% PSV)

Deliveries by region – 4Q15 LTM(% PSV)

37%

Midwest

33%

Southeast

North

30%

8% Low-Income

22%

Upper-Middle

Commercial

8%Medium

56%

MCMV Level 1

6%

The PSV delivered on the accumulated amount for the last twelve months reached R$ 861 million;

In 4Q15LTM, 37% of the volume of deliveries occurred in the Southeast region.

864

526

628 610

4Q14

LTM

3Q15

LTM

2Q15

LTM

607

1Q15

LTM

702 676

383

4Q15

LTM

887

479

Development MCMV Level 1

861

PSV Delivered

1,526 1,751 1,235 1,228

17

Sales Cancellations

Sales Cancellations by Region – 4Q15(% Units)

Sales Cancellations by Period of Launching – 4Q15(% Units)

Sales Cancellations and Resale of Cancelled Units

(Units)

445504351406

633617

279352269325523540

63%70%

77%80%83%88%

63%

63%60%59%70%64%

-30%

-12%

4Q153Q152Q151Q154Q143Q14

<2012

9%

62%

13%

2012

11%

2013

2014

2015

5%

27%

Southeast

56%

Midwest

17%

North

62% of the units arising from canceled sales in 4Q15 were resold in the same period.

Decrease of 30% in the volume of units arising from canceled sales in 4Q15 yoy;

Concentration of cancellations in projects launched until 2012 as well as in the Northern region.

18Resale in the Period% Resale (until 3Q15)Cancellations Resale (until 3Q15)

Land Bank

62.4% are large scale projects (over 1,000 units)

89% were acquired by physical or financial Swap

Average acquisition price of 11% over PSV

Land Bank by Segment

(% PSV)

Land Bank Track Record in 9M15

(R$ million in PSV)

Land Bank by Region

(% PSV)

Type of Payment

(% PSV)

Swap 89% Cash11%

Commercial

9%

Upper-Middle

12%

Medium

44%

Low-Income

35%

134

518

Acquired

Land Bank

2014

9,261

9M15

9,415

Launches

230

Review of

Assumptions

/ Traded and

Cancellation19

ES2%

AM7.5%

MG37%

RO1%

SP6%

PA6%

DF22%GO

0.5%

R$ 9.42 Billion

60,487 units

Financial Results

1. Adjustment excluding interest on financing for construction;

Gross Operating Revenue

(R$ million)

Adjusted¹ Gross Profit and Gross Margin

(R$ million)

-12%

+4%

-8%

9M15

1,233

791

441

9M14

1,337

878

459

3Q15

415

236

179

2Q15

354

120

238

161

3Q14

474399

Revenues from Real Estate Sales

Revenues from Services

112

307250

8185

-22%

9M15

287

-15%

+2%

37

24.5%

9M14

340

33

26.4%

3Q15

96

15

24.5%

9

24.8%

3Q14

123

11

26.6%

94

2Q15

Interest capitalized in costs

Gross ProfitAdjusted Gross Margin¹

20

G&A Expenses

(R$ million)

Selling Expenses

(R$ million)

Net Income

(R$ million)

Financial Results

79

262628

84

-6%

-3%

-8%

9M15

6.7%

9M14

6.5%

3Q15

6.5%

2Q15

7.0%

3Q14

6.0%

G&A% Net revenue

93

145

292852

3Q14

11.3%

3Q15

7.3%

2Q15

7.3%

+4%

11.3%7.9%

9M14

-45%

9M15

-36%

Net Margin Net Income

30

39

121114

9M15

-18%

2.6%

9M14

-22%

+6%

2.8% 3.0%

3Q15

2.9%

2Q153Q14

3.0%

% Net revenue

Selling Expenses

21

Cash Flow Generation

Cash Flow Generation (Cash Burn)

(R$ million)

1. Cash flow generation: net debt variation net of dividends and share buyback programs

Mortgage Transfer (“Repasses”)

(R$ million)

2011

-176

22

2014

158

2013

76

2012

-183

9M15

4

3Q14

358

9M14

34

91

3Q15

91

70

21

2Q15

92

88

29

167

138

449

-1%

9M15

-33%

-46%

301

267

"Associativo"

SFH

22

Capital Structure

Capital Structure

(R$ million)

Gross Debt Breakdown

(% of Debt)

FINAME and Leasing4.0%

Debentures20.5%

Working Capital

0.4%

SFH69.0%

CRI10.0%

23

Dividends Cash

3Q15

504

Cash Burn

31

SFH Debt

45

Corporate

debt

28

Buyback

Program

6

40

Cash

2Q15

563

Cash Position Changes - 3Q15

(R$ million)

Net Debt

Without SFH

-233

Net Debt

369

Cash and

Cash

Equivalent

504

Debt

873

SFH

602

271

Debt

(R$ million)

201

Net Debt

11.4% 16.6% 21.0%

Net Debt/Equity

292 369

31%35%

40%

3Q15

504

873

2Q15

563

855

3Q14

718919

% Corporate Debt

Cash

Corporate Debt

31%35%

40%

602

2Q15

299

557

3Q14

367

552

3Q15

271

SFH

Revenues to be recognized

83%

MCMV Level 1

17%

Development

Breakdown of Revenues to be Recognized

(% Total )

Revenues to be Recognized

(R$ million)

The company has R$ 2.65 billion ofrevenue to be recognized, of which 83%relates to MCMV Level1 projects.

24

-7%

2,658 -29%

3Q15

2,209

449

2Q15

2,852

2,354

498

3Q14

3,745

3,189

556

MCMV Level 1

Development

Buyback program and Interim Dividend

Direcional concluded its repurchase program in this quarter (3Q15), with the acquisition of 1.5 millionshares, at an average price of R$ 3.63, totaling a disbursement of R$ 5.6 million. In 9M15, 7.0 millionshares were repurchased, with total disbursement of R$ 40.5 million.

In July, the Board of Directors approved interim dividends totaling R$ 40 million, representing theamount of R$ 0.27 for each share.

25

Total Approved 7,034,205

Total Runs 5,508,200

% Executed 78%

Dividends 40,000,000.00R$

Total shares (ex-treasury) 147,890,549

Dividends per share 0.27

Plan Buyback (Status until 08/10/2015)

Dividend

Total Approved 7,034,205

Total Runs 7,034,205

% Executed 100%

Plan Buyback (Status until 9/30/2015)

Disclosure and Contacts

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.

www.direcional.com.b/ir

ir@direcional.com.br

(55 31) 3431-5511

(55 31) 3431-5509

Fernando José Mancio Ramos

CFO | IR Officer

26