Legal Notices

Direcional’s investor relations website includes forward-looking statements that are subject to risks and uncertainties. These statements are based on the beliefs and assumptions of its management, and on information currently available to the Company. Forward-looking statements include statements regarding Direcional’s intent, belief or current expectations or that of its directors or executive officers with respect to, but not limited to:

• general economic, political and business conditions in Brazil, especially in the geographic markets the Company serves or intends to serve, including exchange and interest rate fluctuations, inflation and the impact of the global financial and economic crisis in Brazil;
• developments in, or changes to, to the laws and regulations applicable to the real estate development industry in Brazil, including governmental rulings and changes to local, state and federal tax, environmental and zoning policies and laws, as well as future laws and regulations enacted in connection with real estate, environmental, tax or zoning matters;
• Direcional’s ability to achieve its total sales value through the sale of each unit of a particular development (Valor Geral de Vendas), or VGV, including its ability to implement its investment strategy and identify and acquire available land, as well as identify new locations to expand its business;
• increases in costs and expenses, including the costs to purchase land, construct projects and pay insurance premiums;
• the availability of financing for the Company’s customers at competitive interest rates;
• Direcional’s ability to obtain labor, products, material and services from suppliers without interruptions at reasonable prices;
• the Company’s ability to obtain licenses and authorizations from the government to construct its projects;
• Direcional’s level of indebtedness and other financial obligations and its ability to obtain additional financing on reasonable terms and conditions;
• cyclical and seasonal variations in its results of operations;
• the maintenance and the success of the Minha Casa, Minha Vida Program;
• interests of its controlling shareholders;
• other factors or trends affecting the Company’s financial condition or results of operations and the ones discussed under the section Risk Factors; and
• other statements contained in this website regarding matters that are not historical facts.

Investors should understand that the above-mentioned factors, in addition to others discussed in this investor relations website, among others, could affect Direcional’s future results and could cause results to differ materially from those expressed in the forward-looking statements made in this website or files herein posted.

Forward-looking statements also include information concerning the Company’s possible or assumed future results of operations set forth under several sections in this investor relations website, as well as statements preceded by, followed by, or that include the words ‘‘believes,’’ ‘‘may,’’ ‘‘continues,’’ ‘‘expects,’’ ‘‘anticipates,’’ ‘‘intends,’’ ‘‘plans,’’ ‘‘estimates’’ or similar expressions.

Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur. Direcional’s future business, financial condition, results of operations, prospects, strategies, market share and shareholder values may differ materially from those expressed in or suggested by these forward-looking statements. Many of the factors that will determine these results and values are beyond the Company’s ability to control or predict.

Investors are cautioned not to put undue reliance on any forward-looking statements.