13 de Maio de 2010 3T103T1003 de novembro de 2010 3Q103Q10November 3rd, 2010

3Q1O Highlights Roberto Senna

Agenda

2

Operating Highlights Ricardo Gontijo

Financial Highlights Carlos Wollenweber

3Q10 Highlights

Management Highlights

Roberto Senna, former Bairro Novo CEO (Odebrecht Subsidiary) assumes position as vice president.

The performance of the Company remains focused on the popular segment (98.7% of the 3Q10) and inmarkets where it has a strategic advantage (74.9% of launches in the North and Midwest regions), showingstrong growth but always giving priority to profitability (annualized ROE was 25.2% in the quarter).

3

Land Bank

MCMV Program –0-3 minimum Brazilian wages

Roberto Senna, former Bairro Novo CEO (Odebrecht Subsidiary) assumes position as vice president.

� Land Bank acquisitions, during the 3Q10, with potential sales value of BRL R$ 688.1 million, or 3,104 newunits (85% located in the southeast region).

� Direcional was hired to develop the “Bairro Carioca” Project (Rio de Janeiro). PSV of BRL 114.2 million,or 2,240 units.

Agenda

� Launches

Operating Highlights Ricardo Gontijo

4

� Launches� Contracted Sales� Landbank� Inventory

362

702 652

-7%

-55%

4,470

8,492 7,171

-16%

-60%

Launches

� 1.788 units were launched in 3Q10, totaling a PSV of R$ 188 MM (R$ 162 MM % Direcional)� Launches were concentrated in popular projects (98,7% of units) and in North and Mid-west region (74,9%)

Launches - % Direcional (R$ MN) Launches - Units

5

362

162

3Q09 3Q10 9M09 9M10

4,470

1,788

3Q09 3Q10 9M09 9M10

Geographic BreakdownLaunches by Segment

3Q09 3Q10 9M09 9M10

21.4% 19.0% 49.0%18.7%

98.7%

37.2%

46.2%59.9%

1.3%

37.9%

0.3%

5.9% 4.5%

Upper Middle

Medium

Popular

0 - 3 MW

3Q09 3Q10 9M09 9M10

87.3%

50.9%76.5% 74.6%

24.0%

8.8% 19.0%12.7%

25.1%14.7%

6.4%Southeast

Midwest

North

27,8%

20,5%24,2%

36,0%

20,8%20,2% 19,4%523

631

+20%

-41%

Sales

� In 3Q10 we sold 1,080 units with total PSV of R$ 187 million (R$ 143 million % Direcional)� Sales Over Total Supply of 20.8% in the 3Q10.

Sales Over Total Supply

(PSV)

Contracted PSV - % Direcional (R$ MN)

6

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

with 0 to 3 MW without 0 to 3 MW

243143

3Q09 3Q10 9M09 9M10

Sales by Segment Geographic Breakdown

3Q09 3Q10 9M09 9M10

23.1% 29.5%50.0%

61.1%

67.9%

53.6%36.2%

14.1%24.1%

13.5% 10.6%1.7% 8.1% 3.4% 3.1%

Upper Middle

Medium

Popular

0 - 3 MW

3Q09 3Q10 9M09 9M10

78.7%

34.2%

82.3% 73.9%

7.1%

38.3%

4.3% 17.1%

14.2%27.5%

13.4% 9.0%Soutweast

Midwest

North

Land Bank

� Land Bank of R$ 8.6 billion (R$ 6.2 billion % Direcional) with 66,167 units� Land Bank average cost of 8.6% of estimated PSV and 80.1% acquired through swap

Land Bank Composition Large Scale Projects

RO Manaus Total Ville AM Under construction 3,576 2,136 225 Total Ville Bella Cittá PA Under construction 4,049 3,732 347 Total Ville Marabá PA Under construction 5,712 4,664 461 Allegro Residencial Club AM Under construction 1,648 704 112

Project Status Total of unitsUnits to be

launched

PSV (R$ MN) to

be launched

ES

AM9,1%

MG38,2%

RO4,5%

SP

PA13,6%

DF28,2%

7

Upper

middle

1.3%

Medium

23.9%

Popular

73.8%

Commercial

0.9%

“MINHA CASA, MINHA VIDA”46,116 units elegíble Program

69.7% of total land bank

81,8% of the units to be launched comprise large scale projects

PSV Breakdown per Segment

Allegro Residencial Club AM Under construction 1,648 704 112 Setor Total Ville DF Under construction 5,096 2,520 244 Total Ville Porto Velho RO Under construction 2,428 1,844 144 Dream Park ES Under construction 1,034 658 112 Eliza Miranda AM Under construction 2,112 128 20 Cachoeiras do Madeira RO Under construction 1,278 426 78 Águas Claras DF Launching in 1H11 1,148 1,148 429 Granjas Werneck MG Launching in 2H11 15,000 15,000 1,500 Floramar MG Launching in 1H11 1,261 1,261 216 Samambaia DF Launching in 1H12 14,614 14,614 1,584 Projeto Macaé RJ Under construction 1,182 704 58 Sítio São João MG Launching in 2H11 2,500 2,500 238 Ferroeste MG Launching in 2H11 2,064 2,064 417 Total 64,702 54,103 6,182

1

ES1,0%

38,2%SP

3,4%RJ

2,1%

Inventory

� Total inventory of R$ 718.1 million (R$ 602.7 MM % Direcional) or 4,846 units, by the end of 3Q10� Units from concluded projects of R$ 31.2 million or 166 units� The projects under construction already have, in average, 78.5% of their units sold..

Inventories @ Market Value

Total % Direcional

Launches 3Q10 152,337 132,715 1,492 84.9%

Inventory

PSV in Inventory (R$'000)Units in

Inventory

% Units in

Inventory

8

Launches 3Q10 152,337 132,715 1,492 84.9%

Launches 2Q10 110,314 107,685 301 7.3%

Launches 1Q10 102,059 89,656 735 59.1%

Launches 4Q09 6,048 5,074 44 5.1%

Launches 3Q09 130,850 110,180 856 20.0%

Launches 2Q09 27,036 23,361 257 8.7%

Launches 1Q09 32,088 27,669 221 23.3%

Launches 4Q08 71,892 52,136 361 29.8%

Launches 3Q08 28,869 22,898 233 15.3%

Launches 2Q08 11,444 7,934 101 8.0%

Launches 1Q08 9,556 8,231 43 4.0%

Previous launches 4,471 2,235 36 6.4%

Under Construction 686,963 589,775 4,680 21.5%

Finished Units 31,186 12,955 166 4.4%

Total Inventory 718,148 602,730 4,846

Completed Projects3Q10

Total

(R$'000)

% Direcional

(R$'000)

1 Sirius feb-08 Campinas - SP 12.118 3.119 65 Upper Middle

2 Le Parc mar-08 Belo Horizonte - MG 10.155 9.962 106 Popular

3 Allegro mar-08 Campinas - SP 31.011 15.505 220 Upper Middle

TOTAL 53.283 28.586 391

Completed ProjectsLaunch

DateCity - State

PSV

# of

UnitsSegment

9

AllegroLe ParcSirius

Agenda

� Financial Results

Financial Highlights Carlos Wollenweber

10

� Financial Results� Balance Sheet | Cash Position� Results to be Recognized� Stock Performance

113 211262

519

3Q09 3Q10 9M09 9M10

Financial Results

Net Revenues (R$ MN)

87%

98%

11

3Q09 3Q10 9M09 9M10

41 6487 170

36.1%30.3% 33.1% 32.7%

3Q09 3Q10 9M09 9M10

Gross Profit (R$ MN) Gross Margin (%)

Gross Profit and Gross Margin (R$ MN)

57%

95%

4.8 5.5

11.1 13.9

% Direcional

Financial Results

Sales Expenses (R$ MN) Adjusted G&A¹ (R$ MN)

6.1 12.4 13.2

31.9

% Direcional

12

3Q09 3Q10 9M09 9M10

4.3%

2.6%

4.2%

2.7%

1.7%

2.9%

1.7%

1.8%

3Q09 3Q10 9M09 9M10

% Revenue % Sales

1. Adjusted by non cash expenses (Stock-Option Program of R$ 3.6 million recognized in the period) and non-recurring expenses of R$ 0,4

million related the IPO (November/ 2009).

5.4%

5.9%

5.0%6.1%

2.1%

6.7%

2.0%4.2%

3Q09 3Q10 9M09 9M10

% Revenue % Sales

3Q09 3Q10 9M09 9M10

Financial Results.

47%

85%

Adjusted EBITDA and Adjusted EBITDA Margin

35 51 75 139

31.1% 24.3%

28.6%

26.8%

3Q09 3Q10 9M09 9M10

13

Adjusted Net Income and Adjusted Net Income Margin

65%

110%

29 48 60 126

25.7% 22.7% 22.9% 24.4%

3Q09 3Q10 9M09 9M10

Adjusted Net Income (R$ MN) Adjusted Net Margin (%)

3Q09 3Q10 9M09 9M10

Adjusted EBITDA (R$ MN) Adjusted EBITDA Margin (%)

Balance Sheet

Cash Position 3Q09 2Q10 3Q10 ∆∆∆∆ % ∆∆∆∆ %

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

Loans and Financing 104,326 220,384 245,724 135.5% 11.5%

SFH 102,015 161,435 184,243 80.6% 14.1%

Securitization of receivables 1,232 55,123 53,097 4209.8% -3.7%

FINAME and others 1,079 3,826 8,384 677.0% 119.1%

Cash and Cash Equivalents 67,576 296,036 235,075 247.9% -20.6%

Net debt -36,750 -75,652 10,649 -129.0% -114%

Net debt / Shareholder's Equity -9.4% -10.3% 1.4% -114.4% -113%

14

Amortization Schedule (R$ MN) Cash Burn1 (R$ MN)

44.6

164.3

31.6 5.2

2010 2011 2012 2013

12.9

44.7 28.2 26.6

14.5 25.3 22.5

32.7 41.2 19.4

86.3 54.3

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10* 3Q10

1. Cash Burn: variation of the net debt (-) equity increases

2. 2Q10 * : adjusted by co-obligation in the securitization of receivables, amounting R$ 54.3 million

Net debt / Shareholder's Equity -9.4% -10.3% 1.4% -114.4% -113%

Results To Be Recognized

Results to be Recognized (R$'000) 3Q09 2Q10 3Q10 ∆∆∆∆ % ∆∆∆∆ %

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

Deferred revenues 534,145 655,288 673,976 26.2% 2.9%

Deferred costs -308,030 -394,571 -395,440 28.4% 0.2%

Deferred results 226,115 260,717 278,536 23.2% 6.8%

Deferred results - Margin 42.3% 39.8% 41.3%

15

18.0%

71.0%

11.0%

2010 2011 2012+

Recognition Schedule

105

110

115

120

125

Stock performance

DIRR3 +17.5%

Since IPO

Index

R$12.34

16

80

85

90

95

100

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IBOV DIRR3

IBOV +4.4%

R$10.5

Disclaimer

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 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 futureassurance 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 noobligation to update any information contained herein or to revise any forward-looking statement as a resultof new information, future events or other information.

Carlos WollenweberCFO | IR Officer

Paulo Tropia

Contact

Paulo TropiaIR Analyst

Lucas BousasIR Analyst

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

(55 31) 3214-6450(55 31) 3214-6451