1

Earnings Release

Conference Call – 4Q15March, 15 2016

Agenda

2

Ricardo Ribeiro

Vice President

Fernando Ramos

CFO and IR Officer

Operational Highlights

Financial Highlights

Highlights

3

The year was marked by the operational consolidation of theMCMV 2 and 3 segment, in which launches reached a PSV ofR$ 232 million (+95%) and sales totaled a PSV of R$ 143million (+32%).

In 2015, twelve land plots were acquired for the MCMV2 and 3. The construction potential of these plots is 8,933units 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 equityof 19%, one of the lowest among our peers;

In 2015, more than R$ 107 million of cash flowdistributed to shareholders, being R$ 66.9 millionthrough dividends and R$ 40.5 million throughthe share buyback program;

1. Cash generation (Cash Burn) adjusted by payment of dividends and share buyback

Launches

79%

Southeast

Midwest

21%

Medium36%

MCMV 2 and 3

Upper-Middle + Commercial

53%

11%

4

70106 119

232144

104102

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.

Sales

5

108143114 72 57 58

329202

463639

+12%

-24%

345

+32%

20152014

437

4Q15

104

3Q15

93

2Q15

112

1Q15

36

4Q14

137

23

-21%

2115

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.

Sales Cancellations

6

445504351406633

279352269325523

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%

20139%

<2013

75%

Sales Cancellations by Region – 4Q15(% Units)

Midwest

17%

North56%

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

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)

Southeast64%

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

Inventory Evolution (Units)

899

739

558398

Delivery and Sales

Cancellations Units

Concluded

Inventory 2015

Gross Sales of

Concluded Units

Concluded

Inventory 2014

Finished Inventory 2015(Geographic Segmentation - % PSV)

Southeast61% 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

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)

Sudeste35%

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;

Fernando Ramos

CFO and IR Officer

Financial Highlights

10

1. Adjustment excluding interest on financing for construction; 11

Gross Operating Revenue(R$ million)

120

427330

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

167179 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

105115

262631

-8%

+2%

-16%

2015

6.7%

2014

6.2%

4Q15

6.6%

3Q15

6.5%

4Q14

5.6%

G&A Expenses(R$ million)

4352

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

312961

-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

Cash Flow Generation

95

4T14

2170

91

3T15

81145

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

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 Leasing3%

Debêntures

15%

29%31%38%

499

836

595

241504

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

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

0,270,410,370,36

0,83

1,341,481,46

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 forapproval at the Shareholders Meeting is the highest between (i) 40% of the cash generation and (ii) 25% ofnet 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.

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

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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.