4Q15 Conference Call

1. 1
Earnings Release
Conference Call – 4Q15
March, 15 2016

2. Agenda
2
Ricardo Ribeiro
Vice President
Fernando Ramos
CFO and IR Officer
Operational Highlights
Financial Highlights

3. Highlights
3
 The year was marked by the operational consolidation of the
MCMV 2 and 3 segment, in which launches reached a PSV of
R$ 232 million (+95%) and sales totaled a PSV of R$ 143
million (+32%).
 In 2015, twelve land plots were acquired for the MCMV
2 and 3. The construction potential of these plots is 8,933
units and a PSV of R$ 1.1 billion;
 In 4Q15, Cash Generation¹ reached R$ 31 million,
accumulating R$ 53 million in 2015;
 Solid capital structure, with net debt to equity
of 19%, one of the lowest among our peers;
 In 2015, more than R$ 107 million of cash flow
distributed to shareholders, being R$ 66.9 million
through dividends and R$ 40.5 million through
the share buyback program;
1. Cash generation (Cash Burn) adjusted by payment of dividends and share buyback

4. Launches
79%
Southeast
Midwest
21%
Medium
36%
MCMV 2 and 3
Upper-Middle + Commercial
53%
11%
4
70
106 119
232
144
104
102
338
206
3620
438
+95%
20152Q15
174
1Q154Q14
154
9
+35%
+474%
-4%
2014
456
4Q15
208
3Q15
MUC¹ MCMV 2 and 3
Launches: Development
(PSV – R$ million)
Launches by Segment - 2015
(% PSV)
Launches by Region - 2015
(% PSV)
1. MUC: Comprises projects of the middle-income, upper-middle income and commercial segments.
 In 4Q15, launches reached a PSV of R$ 208 million, being
R$ 106 million under the MCMV 2 and 3;
 In 2015, launches totaled PSV of R$ 438 million;
 Launches for the MCMV 2 and 3 segment reached 53% of
the total PSV launched during the year.

5. Sales
5
108
143114 72 57 58
329
202
463639
+12%
-24%
345
+32%
20152014
437
4Q15
104
3Q15
93
2Q15
112
1Q15
36
4Q14
137
23
-21%
21
15
MUC¹ MCMV 2 and 3
Contracted Net Sales: Development
(R$ million)
Midwest
26%
North
24%
50%Southeast
13%
Upper-Middle + Commercial
45%
41%
MCMV 2 and 3
Medium
Sales by Segment 2015
(Economic Segmentation - PSV%)
Sales by Region 2015
(Geographic Segmentation - % PSV)
 Contracted net sales reached R$ 104 million in 4Q15, representing
an increase of 12% in comparison with the previous quarter;
 The MCMV 2 and 3 segment represented 41% of the total PSV
sold during the year;
 The northern region was responsible for 26% of sales in 2015,
even though it had no launches in the period.
1. MUC: Comprises projects of the middle-income, upper-middle income and commercial segments.

6. Sales Cancellations
6
445504351406
633
279352269325
523
72%
87%
63%
70%77%80%83%
72%
77%
63%63%60%59%
70%
2,164
2,495
4Q153Q152Q151Q154Q14
1,706
-32%
2015
1,225
2014
Resale in the Period
% Resale (4Q15)
Resale (until 4Q15)
Cancellations
Sales Cancellations by Period of Launching
(% Units)
2015
5% 2014
11%
2013
9%
<2013
75%
Sales Cancellations by Region – 4Q15
(% Units)
Midwest
17%
North
56%
Southeast
27%
Sales Cancellations
(Units)
 63% of the units arising from canceled sales in 4Q15 were resold
in the same period. This ratio was 72% for the 2015
 Decrease of 32% in the volume of units arising from canceled
sales in 2015 yoy;
 In 4Q15, sales cancellations totaled R$ 69 million, decrease of
15% and 24% when compared to 3Q15 and 4Q14, respectively;
 Concentration of cancellations in projects launched until 2013 as
well as in the Northern region

7. Inventories
438
2014
846
989
Value Variation
and Swaps
50
Net Sales
345
Launches 2015
7
Inventory Evolution
(R$ million)
Finished Units
26%
<201432%
2014
16%
2015
26%
Inventory by Launch Period
(% PSV)
Inventory by Region
(% PSV)
Southeast
64%
North26%
Midwest
10%
 By the end of 4Q15, Direcional had 3,346 units in inventory
totaling a PSV of R$ 989 million in terms of market value
 In 2015, inventories of the Northern region reduced by R$ 38
million (-12%);
 The MCMV 2 and 3 segment represents only 19% of the total
inventory.

8. 8
Inventory Evolution
(Units)
899
739
558
398
Delivery and Sales
Cancellations Units
Concluded
Inventory 2015
Gross Sales of
Concluded Units
Concluded
Inventory 2014
Finished Inventory 2015
(Geographic Segmentation - % PSV)
Southeast
61% North23%
Midwest
16%
Inventory - Finished Units
 In 2015, Direcional sold 54% of the units that were concluded by the end of 2014.
 Reduction of R$ 24 million in finished inventory of the Northern region during 2015, representing a
reduction of 29%, even considering the deliveries during the year;
 26% of the inventory of finished units is comprised by hotel units, which have a low carrying cost.

9. 9
Land Bank Changes MCMV 2 and 3
(R$ million)
Land Bank 2015
3,752
Adjustment¹
2
Lunches 2015
232
Acquisition of
Land 2015
1,074
Land Bank 2014
2,912
Land Bank MCMV 2 and 3
(Geographic Segmentation - % PSV)
Sudeste
35%
Norte
21%
Centro-Oeste44%
1. Adjustment: review of the assumptions regarding prices and projects, land plots sold/canceled.
Land Bank – MCMV 2 and 3
 In 2015, twelve plot of lands were acquired for the MCMV 2 and 3 segment. The construction
potential of these plots is 8,933 units and a PSV of R$ 1.1 billion;
 The average cost of acquisition corresponded to 10% of the potential PSV, and 90% of the amount due
will be paid through swaps, which do not affect the Company’s cash position in the short term.
 Accordingly, the land bank for MCMV 2 and 3 segment reached a potential PSV of R$ 3.8 billion,
represented by 41,558 units;

10. Fernando Ramos
CFO and IR Officer
Financial Highlights
10

11. 1. Adjustment excluding interest on financing for construction;
11
Gross Operating Revenue
(R$ million)
120
427
330
8081
382
-19%
-1%
-28%
2015
24.4%
52
2014
471
25.7%
45
4Q15
95
23.8%
15
3Q15
96
24.5%
15
4Q14
132
23.9%
12
Gross Profit
Interest capitalized in costs
Adjusted Gross Margin¹
Adjusted¹ Gross Profit¹
(R$ million)
404
167
179 161
627
602
265236
-13%
+3%
-25%
2015
1,658
1,056
2014
1,908
1,281
4Q15
426
3Q15
415
4Q14
571
Revenues from Services
Revenues from Real Estate Sales
Financial Results

12. 12
105
115
262631
-8%
+2%
-16%
2015
6.7%
2014
6.2%
4Q15
6.6%
3Q15
6.5%
4Q14
5.6%
G&A Expenses
(R$ million)
43
52
131113
-17%
+10%
-2%
2015
2.7%
2014
2.8%
4Q15
3.2%
3Q15
2.9%
4Q14
2.3%
% Net revenue
Selling Expenses
Selling Expenses
(R$ million)
124
206
3129
61
-40%
+7%
-49%
2015
7.9%
10.1%
2014
11.2%
12.3%
4Q15
7.7%
9.9%
3Q15
7.3%
9.5%
4Q14
11.0%
10.9%
Net Margin
Net Margin Adjusted¹
Net Income
Net Income
(R$ million)
% Net revenue
G&A
Financial Results
1. Adjustment excluding (i) Income Interest in SCPs and SPEs; and (ii) Income from Equity

13. Cash Flow Generation
95
4T14
21
70
91
3T15
81
145
159
4T15
+5%
503
105
2014
608
348
47
2015
396
-40%
-35%
14
14
SFH and others
"Associativo"
13
-176
2011 2013
53
-183
2014 2015
158
2012
76
Cash Flow Generation (Cash Burn)¹
(R$ million)
Mortgage Transfers
(R$ million - cash inflow)
1. Cash flow generation: net debt variation net of dividends and share buyback programs

14. Gross Debt Breakdown
(% of Debt)
14
Corporate
debt
30
Cash
3Q15
504
Cash
4Q15
499
Cash Flow
Generation
31
SFH Debt
6
Debt
836
SFH
595
241
-258
Net Debt
337
Cash and
Cash
Equivalent
499
Net Debt
Without SFH
Debt
(R$ million)
Capital Structure
(R$ million)
Cash Burn Evolution – 4Q15
(R$ million)
Construction Financing
71%
CRI10%
Finame and Leasing
3%
Debêntures
15%
29%31%
38%
499
836
595
241
504
873
602
271665
948
584
364
Construction Financing (SFH)
Corporate Debt
% Corporate Debt
Cash
Net Debt
Net Debt/Equity
19.0%16.3% 21.0%
283 369 337
4T15 3T15 4T15
Capital Structure

15. Dividends - 2015 (R$ million)
Cash Flow Generation of 2015 53
40% of Cash Flow Generation (a) 21
Net Income of 2015 124
Mandatory minimum dividends - 25% of net income (b) 31
Dividends to be paid by Policy - (Maximum between (a) e (b)) 31
Interim Dividends paid in 2015 (aug/2015) 40
Dividends paid beyond Policy 9
15
2015 Profits Destination
0,27
0,410,370,36
0,83
1,34
1,481,46
32%
31%
25%25%
Earnings per share
Payout
Dividends per share
 The dividend police, approved by the Board of Directors, states that the amount to be proposed for
approval at the Shareholders Meeting is the highest between (i) 40% of the cash generation and (ii) 25% of
net income for the year;
 As complement of the dividends distribution, in September, we concluded the share buyback program,
which was approved by the Board of Directors in March 2015. During the year, 7 million common shares
(DIRR3) were repurchased, representing a total disbursement of R$ 41 million.

16. Disclosure and Contacts
Fernando Jose Mancio Ramos
CFO | IR Officer
IR Team
www.direcional.com.b/ri
ri@direcional.com.br
(55 31) 3431-5509 (55 31) 3431-5510 (55 31) 3431-5511
16
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.