Earnings Release 1Q09May 18, 2009

1Q09

Comments

Earnings

Release

2

Perspective on 4Q08

Weak demand

Perspective on 1Q09

Strong demand

� Sales in 1Q09: R$430.1 million

1Q09Earnings

Release

3

Weak demand

Management focused on cash

� Sales in April/09: approx. R$270 million

�

Management focused on cash and

growth

Government’s Housing package “My House, My Life”

1Q09Earnings

Release

4

� Lower-Income Housing Package

� Continuous Government Policy

Example with an apartment of R$80 thousand and using the upper limits:

Level Subsidy Installment

Families with an income of up to 3 MW up to R$ 17,000 up to R$ 418.50

Families with an income of 3 to 6 MW up to R$ 10,000 up to R$ 837.00

Families with an income of 6 to 10 MW - up to R$ 1.395.00

* MW = Minimum Wage

Success of Real Estate companies depends on all departments

Sales:

� Channel Efectiveness

� Credit Quality

Generating Business:

� Land Bank Purchase

� Adequate Projects

1Q09Earnings

Release

5

Production:

� Construction

� Scale

� Margins

Client Financing:

� Servicing

� Credit

Financial Capacity:

� Capital

� Leverage

� Cash Generation

Management

Approved Projects

R$ mm Project Status at CEF

CEF Financing

1Q09Earnings

Release

R$ mm Units

42 62 71 158

211 258

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

6

Number of Projects:

Under Preliminary evaluation 1,385 14,787

Under Final evaluation 1,459 13,949

* Actual amounts from April 1 to May 15, 2009

(*)

Cash Consumption and Indebtedness

Quarterly Cash Burn*(R$ million)

Indebtedness

1Q09Earnings

Release

223 223

176

R$ million

mar/09

Debentures 314.4

7

* Measured by Net Debt variation (excluding

construction finance), less capital increase

The substantial drop of cash burn leads

to a healthy financial balance

148

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1Q08 2Q08 3Q08 4Q08 1Q09

Debentures 314.4

Construction Financing 165.9

Other 120.7

Total Debt 600.9

(-) Cash 221.2

Net Debt 379.7

Net Debt / Equity 23.7%

Production

1Q09Earnings

Release

... changes in 1º Quarter will not influence our planning for 2009.

8

1,556

2,180

3,192 3,415

2,287

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09E 3Q09E 4Q09E

Units Built

MRV´s Positioning

� 78% of our Land Bank Eligible for the

Program

“Minha Casa, Minha Vida”:

1Q09Earnings

Release

11.8% 7.3%14.0%

Evolution of Launches by Evolution of Launches by financing meansfinancing means

� Partnership

� MRV’s privileged position is due to

the continuing focus on the segment

with greater unmet demand and its

strong balance sheet

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Program

28.5%

78.4%

57.9%

79.0%88.2% 92.7%

86.0%

71.5%

21.6%

42.1%

21.0%11.8% 7.3%

14.0%

2007 2008 1Q08 2Q08 3Q08 4Q08 1Q09

Crédito Associativo (CEF)

Bank Financing

Operational and Finacial Performance

Land bank

Launches

Contracted Sales

Inventory at Market Value

1Q09Earnings

Release

Net Operating Revenue

Gross Income

Indicators of Productivity

EBITDA

Net Income

Unearned Results

Guidance

10

... By Financing Source in March/09

... On March 31, 2009:

• Land bank of R$8,666.1 million

• 88,041 potential units

• Average Price of R$98.4 thousand (focus on low income segment)

Land Bank (%MRV)

Operational and Financial

Performance 1Q09

78%

22%

Minha Casa,

Minha Vida

SFH - SBPE

% of swaps / land acquisition cost% of land acquisition cost/ PSV

11

10,1 9,9 9,5 9,0 8,7

mar/08 jun/08 set/08 dez/08 mar/09

Landbank %MRV (em R$ bilhões)

-14%

100% of land bank replacement made in 1Q09 was

made via swaps, which means, no cash disbursement.

Swap

27%

Cash

73%

Cost

9%

... By Price Range in 1Q09... in 1Q09:

• Launching of 19 new projects

• PSV of R$268.5 million with 2,629 units

• 73,2% of unit launched with average prices

up to R$130 thousand.

Launches

Operational and Financial

Performance 1Q09

20%

54%

27%

Below R$ 80,000

From R$ 80,001 to

R$ 130,000

12

... by Financing Source in 1Q09

(number of units)

20%Over R$ 130,000

65%

35%SFH - FGTS

SFH - SBPE

691.5

268.5

1Q08 1Q09

%MRV (R$'Million)

-61.2%

... in 1Q09:

• Total of R$430.1 million in contracted sales

• 4,339 units sold

• Average sales speed 9% per month

Contracted Sales

... By average Price in 1Q09

Operational and Financial

Performance 1Q09

51%

23%

Below R$ 80,000

From R$ 80,001 to R$

130,000

Over R$ 130,000%MRV (R$'Million)

13

... by Financing Source in 1Q09

(number of units)

25%Over R$ 130,000

340.1

430.1

1Q08 1Q09

%MRV (R$'Million)

26%

61%

39%Minha Casa, Minha Vida

SFH - SBPE

Inventory at Market Value (%MRV)

Inventory distribution of units for sale in Mar/09 per construction phase

Inventory at Market Value on 03/31/09 = R$ 1.5 billion

Inventory distribution of units for sale in Mar/09 persource of funds

Operational and Financial

Performance 1Q09

14

construction phase source of funds

47%53%

Minha Casa, Minha Vida

SFH - SBPE

51%

49%Construction not initiated

Under construction

Financial Indicators

Net Operating Revenues(R$ million)

Gross Income

(R$ million)

Operational and Financial

Performance 1Q09

272.5

43.8%

29.0%

15

189.5

1Q08 1Q09

71.1

91.7

1Q08 1Q09

Productivity Indicators

Selling Expenses (R$ million)

And Selling Expenses/ Net Revenue (%)

G&A Expenses (R$ million)

And G&A Expenses / Net Revenue (%)

Operational and Financial

Performance 1Q09

24.8

16.2%

21.6

21.7%

16

21.4

24.8

11.3%

9.1%

1Q08 1Q09

17.7

21.6

9.3%7.9%

1Q08 1Q09

Financial Indicators

EBITDA (R$ million)

and EBITDA Margin (%)

Net Income (R$ million)

and Net Margin (%)

Operational and Financial

Performance 1Q09

60.5

69.2% 14.9%

17

35.7

18.9%

22.2%

1Q08 1Q09

42.7

49.0

22.5%18.0%

1Q08 1Q09

Unearned Results

Operational and Financial

Performance 1Q09

R$ million

mar-09 dec-08 Var. %

Unearned Sales Revenues 1.013,7 991,6 2,2%

Unearned Costs or Units Sold (531,0) (505,8) 5,0%

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Unearned Costs or Units Sold (531,0) (505,8) 5,0%

Unearned Results 482,7 485,8 -0,6%

Unearned Results Margin 47,6% 49,0% -1,4 p.p.

Guidance 2009

1Q09Earnings

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Guidance

Released Revised

19

Sales (%MRV) - R$ million 1,600 ~ 2,000 2,400 ~ 2,900

EBITDA Margin % 24% ~ 28% 24% ~ 28%

The material that follows is a presentation of general background information about MRV Engenharia e Participações S.A. andits subsidiaries (collectively, “MRV” or the “Company”) as of the date of the presentation. It is information in summary form anddoes not purport to be complete. No representation or warranty, express or implied, is made concerning, and no reliance shouldbe placed on, the accuracy, fairness, or completeness of this information.

This presentation may contain certain forward-looking statements and information relating to MRV that reflect the current viewsand/or expectations of the Company and its management with respect to its performance, business and future events. Forwardlooking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results,performance or achievements, and may contain words like “believe,” “anticipate,” “expect,” “envisages,” “will likely result,” orany other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties and

Disclaimer

1Q09Earnings

Release

any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties andassumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans,objectives, expectations, estimates and intentions expressed in this presentation. In no event, neither the Company nor any ofits affiliates, directors, officers, agents or employees shall be liable before any third party (including investors) for anyinvestment or business decision made or action taken in reliance on the information and statements contained in thispresentation or for any consequential, special or similar damages.

This presentation does not constitute an offer, or invitation, or solicitation of an offer to purchase any securities. Neither thispresentation nor anything contained herein shall form the basis of any contract or commitment whatsoever.

The market and competitive position data, including market forecasts, used throughout this presentation was obtained frominternal surveys, market research, publicly available information and industry publications. Although we have no reason tobelieve that any of this information or these reports are inaccurate in any material respect, we have not independently verifiedthe competitive position, market share, market size, market growth or other data provided by third parties or by industry or otherpublications. MRV does not make any representation as to the accuracy of such information.

This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in wholeor in part without MRV’s prior written consent.

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Leonardo Corrêa

Executive Vice President, CFO and Investor Relations Officer

Mônica Simão

Financial Director

Contacts

1Q09Earnings

Release

Financial Director

Tel.: (+ 55 31) 3348-7150

E-mail: ri@mrv.com.br

www.mrv.com.br/ri

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