Earnings Release 4Q10 and 2010March 24, 2011

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Earnings Release 4Q10

Rubens Menin

Opening Comments

Highlights

3

Market

Real Estate Financing

Financial Results

4Q10Earnings Release

Demand continues strong...

Contracted Sales (%MRV) - R$ million...In 4Q10

We sold R$1.1 billion, 53% higher than 4Q09

... In 2010

Contracted sales reached R$ 3.8 billion, within

the Company's guidance range for 2010

35,998 units sold

Sales over Supply of 32%

Sales in 14 states + Federal District and 65

cities.

4

206 717

1,544

2,822

3,753

751

1,149

2006 2007 2008 2009 2010 4Q09 4Q10

CAGR 106.5%

53.0%

Guidance 2010 2011

Contracted Sales (%MRV) - R$ million 3,700 ~ 4,300 4,300 ~ 4,700

EBITDA Margin* 26% ~ 29% 25% ~ 28%

* according to the current accounting practices

4Q10Earnings Release

CEF is strongly committed with ‘My house, My Life’ Program

MCMV 2 Launch: commitment of the Federal

Government to continue the support to the real estate

low-income segment

Increasing volume of CEF contracted units

Largest operator of the Minha Casa Minha Vida (My

House, My Life) program.

5

Client Financing (units)

1,8422,553 3,709 5,665

7,744 6.5806972,539

5,092

8,801

4,702

10,367

18,111

24.691

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

TransfersYTD

Status Dec 31-2010

Contracted (units) 1,005,028 50,384 5%

00-03 MW 574,874 0

03-10 MW 430,154 50,384 12%

(VGV R$million) R$ 51,310 R$ 4,987 10%

Source : Caixa and MRV

4Q10Earnings Release

6

Net Revenue (R$ million) Gross Profit (R$ million)

EBITDA (R$ million) and EBITDA Margin (%)

Net Income(R$ million) and Net Margin (%)

155.8 187.5

439.5

795.9 29.1%

21.6% 26.7% 26.3%

4Q09 4Q10 2009 2010

20.4%

81.1%

535.6

866.2

1,647.6

3,021.0

4Q09 4Q10 2009 2010

61.7%

83.4%

195.0 235.6

577.8

976.8

4Q09 4Q10 2009 2010

20.8%

69.1%

121.8 152.1

347.3

634.5

22.7%

17.6%

21.1%21.0%

4Q09 4Q10 2009 2010

24.9%

82.7%

REF (Gross of Taxes)

(R$ million) sep/10 jun/10 Chg. %

Unearned Sales Revenues 3,113.9 2,809.9 10.8% ↑

(-) Unearned Costs of Units Sold (1,684.6) (1,461.6) 15.3% ↑

Unearned Results 1,429.2 1,348.3 6.0% ↑

Unearned Results Margin 45.9% 48.0% 2.1 p.p. ↓

4Q10Earnings Release

Consistent Financial Results

7

Land Bank

Launches

Contracted Sales

Inventories at Market Value

Production

Productivity Index

Indebtedness and Net Debt

Operational and Financial Performance

Operational and Financial Performance

4Q10

... As of December 31, 2010:

• 134 thousand potential units

• Average price of R$101.3 thousand (focus on lowincome)

• 422 units per construction site (average)

• Increase on land bank to meet the strong andincreasing demand

... by financing source Dec/10% swap / land cost % land cost/ PSV

8

Operational and Financial Performance

Land Bank (%MRV)

Land Bank %MRV (R$ billion)

4Q10

9.0 10.6 10.9 11.3

12.4 13.6

dec/08 dec/09 mar/10 jun/10 sep/10 dec/10

Swap38%

Cost9%

FGTS97% Savings

Accounts3%

... by price range in 2010

Operational and Financial Performance

9

... by financing source in 2010

... in 2010

• Launches of 167 new projects

• PSV of R$4.6 billion – 46,975 units

• 67% of the units launched are eligible to MCMV in4Q10

• Launches in 14 states and the Federal District and in 56cities in 2010

Launches (%MRV)

Launches %MRV (in R$ million)

4Q10

1,052.7

1,852.0

2,586.1

4,604.0

4Q09 4Q10 2009 2010

75.9%

78.0%

Below R$80,000

11%

R$80,001 to

R$130,00072%

Over R$130,000

17%

FGTS79%

Savings Accounts

21%

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Operational and Financial Performance

Contracted Sales (%MRV)

... in 2010

• Total sales of R$3.8 billion

• 35,998 units sold

• Sales over Supply of 32%

• Sales in 14 states + DF and 65 cities

Contracted Sales (%MRV) - R$ million

... by price range in 2010

... by financing source in 2010

4Q10

Below R$80,000

9%

R$80,001 to

R$130,00071%

Over R$130,000

20%

FGTS74%

Savings Accounts

26%

750.9 1,148.6

2,821.8

3,753.0

4Q09 4Q10 2009 2010

53.0%

33.0%

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Inventory distribution of units for saleper construction phase as of Dec/31/10

Inventory at Market Value 12/31/10 = R$ 2.9 billion

Inventory distribution of units for saleper financing source as of Dec/31/10

Operational and Financial Performance

Inventory at Market Value (%MRV)

4Q10

69%

28%3%

Not iniciated

Under construction

Finished FGTS85%

Savings Account

15%

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Operational and Financial Performance

Production

4Q10

Built and Finished Units

(units)

2,483 2,779

4,325 3,922

5,141

6,478

7,384 6,982

2,020

2,564 2,035 2,187

1,761

2,998

5,132 5,250

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

Built Units Finished Units

13,509

25,985

8,806

15,141

2009 2010

Built Units Finished Units

92%

72%

Selling Expenses

(R$ million)

Selling Expenses / Contracted Sales %MRV (%)

and Selling Expenses / Net Revenue (%)

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Operational and Financial Performance

Productivity Index

... in 2010

• 30% of contracted sales via internet

• The most visited website among homebuilders in Brazil – 1.6 million visits/month

• 2,500 brokers (own and outsourced)

4Q10

31.8

52.9

105.2

163.1

4Q09 4Q10 2009 2010

66.3%

55.1% 5.9% 6.1%

6.4% 5.4%

4.2%4.6%

3.7%

4.3%

4Q09 4Q10 2009 2010

% Net Revenue

% Sales

G&A Expenses

(R$ million)

G&A Expenses / Contracted Sales %MRV (%)

and G&A Expenses / Net Revenue (%)

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Operational and Financial Performance

Productivity Index

... in 2010

• Continued investments in IT

• Shared Service Centre – productivity and costreduction

BPM ECM GED

Cognos (Planning) SAP - BO (Cube) Microsoft (Report)

BI - Business Inteligence

RM - HR Management

Microsoft Dynamics

Microsoft Sharepoint

ECM - Content Management

ERP

Portal Colaboration

SAP ECC 6.0

MRV Obras

CRM

Client Relationship Management

4Q10

29.8 39.6

100.1

146.9

4Q09 4Q10 2009 2010

33.1%

46.7%5.6%

4.6%6.1%

4.9%

4.0%3.4%

3.5% 3.9%

4Q09 4Q10 2009 2010

% Net Revenue

% Sales

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Debt Maturity Schedule

Loans and Financing and Net Debt

Operational and Financial Performance

Net Debt

4Q10

169.6 99.8

418.0 498.1

374.9

265.8

106.3 6.8

12 months 13 to 24 months 25 to 36 months Over 37months

Debenture Loans - Financing

(R$ million) dec/10 dec/09 Var. %

Total debt 1,939.3 786.5 146.6% ↑

(-) Cash and cash equivalents and Securities (1,167.0) (714.0) 63.4% ↑

Net Debt 772.4 72.5 965.4% ↑

Net Debt / Shareholder's Equity 26.9% 3.0% 23.8 p.p. ↑

Net Debt / EBITDA 0.97 0.16 488.3% ↑

dec/10 sep/10

Working capital – CDI 1,145.6 1,130.6

Debentures - 1st Issuance - 1st series 06/15/2013 CDI + 1.5% p.a. 272.9 280.9

Debentures - 1st Issuance - 2nd series 06/15/2013 IPCA + 10.8% p.a. 34.3 32.7

Debentures - 2nd Issuance 05/25/2011 CDI + 3.7% p.a. 40.6 60.8

Debentures - 3rd Issuance 2/1/2014 CDI + 1.6% p.a. 542.2 526.6

Working capital – CDI 10/04/2010 to 08/09/2013 CDI + 1.02% to 2.18% p.a. 255.6 229.7

Construction Finance - TR 782.4 453.1

Debentures - 4th Issuance 12/1/2015 TR + 8.25% to 10.25% p.a. 300.6 -

Construction Finance 10/06/2011 to 11/30/2013 TR + 8% to 12% p.a. 481.8 453.1

Others 11.3 8.1

Others 16.5 13.7

Expenses from debenture's issuance (5.2) (5.6)

Total 1,939.3 1,591.8

Balance Due(R$ million) Maturity Charges

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Disclaimer

Earnings Release 4Q10

The material that follows is a presentation of general background information about MRV Engenharia e Participações S.A. and its subsidiaries (collectively,“MRV” or the “Company”) as of the date of the presentation. It is information in summary form and does not purport to be complete. No representation orwarranty, express or implied, is made concerning, and no reliance should be 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 views and/or expectations ofthe Company and its management with respect to its performance, business and future events. Forward looking statements include, without limitation, anystatement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like “believe,” “anticipate,”“expect,” “envisages,” “will likely result,” or any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertaintiesand assumptions. 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 of its affiliates, directors, officers, agentsor employees shall be liable before any third party (including investors) for any investment or business decision made or action taken in reliance on theinformation and statements contained in this presentation 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 this presentation nor anythingcontained 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 from internal surveys, marketresearch, publicly available information and industry publications. Although we have no reason to believe that any of this information or these reports areinaccurate in any material respect, we have not independently verified the competitive position, market share, market size, market growth or other dataprovided by third parties or by industry or other publications. MRV does not make any representation as to the accuracy of such information.

The EBITDA, in this report, represents the net income before income tax and social contribution, net financial result, financial charges recorded under costof goods sold, depreciation, amortization and minority interest. MRV believes that the reversion of the adjustment to present value of receivables fromunits sold and not yet delivered that is recorded as gross operating revenue is part of our operating activities and therefore we do not exclude theserevenues from EBITDA’s calculation. EBITDA is not a Brazilian GAAP and IFRS measure and should not be considered in isolation and should not beconsidered an alternative to net income, as an indicator of our operating performance or cash flows or as a measure of our liquidity. EBITDA does not havea standard definition and other companies may measure their EBITDA in a different way.

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

Leonardo CorrêaChief Financial Officer

Mônica SimãoChief Investor Relations Officer

Ph.: +55 (31) 3348-7150

E-mail: ri@mrv.com.br

www.mrv.com.br/ri

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Contacts

Earnings Release 4Q10