Corporate Presentation - Short version - Feb/2016

1. CORPORATE PRESENTATION

2. Disclaimer
2
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 or warranty, 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 of the Company and its
management with respect to its performance, business and future events. Forward looking 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,” or any other words or phrases of similar
meaning. Such statements are subject to a number of risks, uncertainties and 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,
agents or employees shall be liable before any third party (including investors) for any investment or business decision made or action taken in reliance on the information 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 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 from internal surveys, market research, publicly available
information and industry publications. Although we have no reason to believe that any of this information or these reports are inaccurate in any material respect, we have not
independently verified the competitive position, market share, market size, market growth or other data provided by third parties or by industry or other publications. 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 whole or in part without MRV’s prior written consent.

3. COMPANY OVERVIEW

4. 36 years of history
• We have launched over 300 thousand
units. MRV was also considered the
company the has built the most in
2015, reaching 2.1 million sq. meters.
• 80 thousand keys were delivered in
2014 and 2015, with an important
mark of 1 key delivered each 3
minutes.
• The most valuable brand in the sector,
according to “Isto É Dinheiro”
magazine.
• Present in 134 cities.
• 1 in each 250 Brazilians is a MRV
client.
• More than 26 thousand employees,
that together build 1 apartment in
each 3 minutes.
• Certified company – ISO 14001,
OHSAS 18001.
• GHG Protocol, Selo Verde and Lar
Doce Lar seals.
MRV in the largest residential construction company in Brasil and one of the largest in the world, and during these 36
years we have achieved important goals.
• MRV grows and never forgets its
compromise with the people and
the environment. 4

5. 36 years of history
53.000 units per year 25.000 units per year 40.000 units per year
ADRs Level1
MRV
Foundation
Beginning of
relationship
Start of
Geographic
Diversification
Enactment of
Foreclosure /
Deed of Trust
by Financial
Institucions
Banks Resume
Mortgage
Lending
Private Equity
IPO
1st Negotiation
Correspondant
Criação da
MRV LOG
Equity Follow-On
MCMV 1
MCMV 2
MCMV 3

6. Shareholder Structure
Free float represents
61% of shareholders’ equity.
444,139,684 common shares
* December 31, 2015
“Novo Mercado”,
the highest level of Corporate Governance
BM&FBovespa Novo Mercado : MRVE3
ADR OTCQX : MRVNY
MRVNY
Cusip code 553479106
ISIN code US5534791067
6
Rubens Menin T.
de Souza 36%
Executives and
Board Members
3%
Treasury
Shares 1%
Orbis Investment
Management
Limited 10%
M&G Investment
Management
Limited 4%
Janus; 5%
Other
Shareholders 61%

7. Market Opportunities
&
Company’s Strategy

8. Source : BCB, dez/14 e Itaú Presentation, set/15
78
60
53
41
37
31
22
24
11
10
USA
Netherlands
Spain
France
Germany
South Africa
Italy
Chile
Mexico
Brazil
Real Estate Financing as % of GDP
Mortgage
In Brazil there is a significant habitational deficit, with rising and strengthening of C social class.
High potential of credit expansion
in Brazil.
Fonte: FGV, OCDE, IBGE, Nações Unidades, EY
8
Population per age
Age
(years)
Million Million
Habitational investment
Annual average in R$ billion, per
income bracket, from 2008 to 2030
People per
house
Years
Houses (million)
Population (million)
Habitational Investments per year
Period
New houses
(million)
Habitational
Investment
(R$ billion)
Habitational
Investment
(% GDP)

9. Market Highlights

10. Competitive Advantages – Nationwide presence (134 cities)
 In the past 10 years, we have grown in a consistent and organic
way, based in solid market studies.
 We have grown without losing identity , building skilled teams
introduced in MRV culture.
 We have entered this market to stay, it has been more than 3 years
that we have presence in 114 cities out of total 134.
Act in strategic regions and with low competition;
Implementation of a standardized and industrial process;
Obtain economies of scale and cost savings;
Create entry barriers in the market we operate.
28
56
63
75
90
107
118 119
128
134
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
10
Source: *Study from Information and Statistics Center (CEI), from João Pinheiro Foundation.

11. In 3Q15, MRV achieved important marks among the
listed companies:
 74% of market share of launches in bracket II and III
of MCMV Program;
 42% of total launches in the year.
Demais empresas listadas
11
Competitive Advantages – Leader in the Brazilian market
Launches Eligible to MCMV
(R$ billion) (Groups II and III)
7.7
10.8
8.5
6.7
6.1
5.2 5.1
7.4
10.5
7.6
4.6
3.3
4.0
5.1
2009 2010 2011 2012 2013 2014 2015*
MCMV (Groups 1, 2 and 3) MCMV (Groups 2 and 3)
Note: The data are estimated and based on the listed Companies’ earnings releases.
% of launches in MCMV Program (Brackets II and III) – in PSV

12. Sales channels:
 We have over 3,000 internal brokers, focused in 100% of MRV products.
 We invest in training and sales techniques to enhance the productivity and quality of the sale process.
 Management of commissioning policies of internal team and definition of sales strategy.
12
Competitive Advantages – Structure of Sales
75% 77%
81% 83% 84% 86% 83% 82%
25% 23%
19% 17% 16% 14% 17% 18%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15
Internal brokers
Third parties

13. Investiment in Marketing:
2 REACH
1 ANNUAL INVESTIMENT
3 MAIN CHANNELS
140 Million of Brazilian (70% of population)
R$ 100 Million
TV 26%, Internet 20%, Trade MKT 19%, Newspaper 5%,
Other midias: 30%
R$ 2 Bi in virtual sales per year.
130 virtual attendant focused in high quality
attendance located in Belo Horizonte.
1.100 brokers focused in attending prospects that
have initiated contact through internet segregated in
80 virtual bases all over Brazil.
Results from Investiments:
13
Competitive Advantages – Effective Market

14. Sources: Google Analytics, MRV website, Blog, AppFacebook, App Android, App IOS and hotsites.
Corporate
website
14
Competitive Advantages – Online leadership

15. Relationship Portal
General Acesses:
2.400.138
Year
55.230
Number of
Answered
Calls
Monthly Average
Costumer Service
“Conexão MRV”
+154.837
Views of the videos
“Conexão MRV”
#MeuMundoMelhor
+4.000.000
Views of the vídeos
#MeuMundoMelhor
Complaints:
0,40%*
Year 2015
MRV in Midias
300.584 followers in Twitter
580.322 followers in Google +
2,7 milhões Facebook fans
*Number of ompalints over total clients (5 years) – Annual view
Competitive Advantages – Client Relationship
15
Resolved demands on 1st contact
90.34%
Year
Client Access:
62,700
Monthly Average of Single
Calls

16. Liderança nos principais indicadores Comerciais
16
Pre-sales
(R$ million)
Launches
(R$ million)

17. Operational Advantages

18. COMPETITIVE ADVANTAGES
• Presence of a team responsible for prospection and legalization
• Knowledge and assertiveness in acquisitions
• Capacity of purchase in strategic locations
• Speed in the legalization process
Operacional Advantages – Landbank
Landbank (in units) Landbank (in R$ billion)
COMPIANT CITY *
• Highlight to the growth of compiant cities. The purchases have been done
strategically in cities with potential demand and that will generate growth.
• New acquisitions are focused in balancing the inventories and present cost reduction
of 15% in 2015.
*Compiant city is a city that has a sufficient inventory to ensure the estimated sales pace for the region is attained, i.e., the estimated potential for the city;
179.970
201.878
219.061
dez/14 set/15 dez/15
22%
9%
27,8
32,1
34,8
dez/14 set/15 dez/15
25%
9%
18

19.  Approximately 24,000 people dedicated to Production
 The employees holding leadership positions (officers, managers,
and coordinators) have worked, on averages, 9 years at MRV.
 Currently we have 225 works in progress, in following locations:
Northeast 38 (16.9%)
Mid-west
15 (6.7%)
South 27 (12.0%)
Southeast 145 (64.4%)
10
Officers
21 Managers
42 Coordinators
291 Engineers
316 Engineering Assistants and
Building Technicians
461 interns
24,916 other positions, including 14,654 own
and 10,262 outsourced workers.
Operacional Advantages – Experienced production team

20. Operacional Advantages - New Technologies
Hydraulic Kit
Reduced workforce
Less generated waste
Greater production rationalization
Better site organization
Standardized projects
Higher speed of production
Strategic team of equipment
Simplification of projects
Economically viable
Greater environmental sustainability
Increased work security
Standardization, Mechanization
and Intelligent Processes
Concrete
Prefabricated and
standardized door
Aluminium Forms Hoisted Slab
20

21. Operacional Advantages - Cost Improvement
Anos Nº dados Média
Desvio
Padrão
Coeficiente
de Variação
2012 76 30,84 5,491 17,8%
2013 117 29,26 3,918 13,4%
2014 98 29,99 4,785 16,0%
2015 66 28,19 4,083 14,5%
It is possible to identify a decrease in
average cost, the lowest of the past four
years. Our change also decrease by
comparing 2012 to 2014. That is, our works
are getting more consistent, with a lower
cost.
Years Sample Average Stand.
Deviation
Coef. of
Variation
Boxplot of the Sum of the projection cost
Sumofthevalueofprojection
cost
Histogram of the Sum of the projection cost
Frequency
Year
Sum of projection cost value

22. IP (Productivity Index): Shows how many
people are necessary to build one unit. The
guideline is the lower the indicator the
better the result.
VP (Production Speed): Shows the POC
per month of the works in progress. The
guideline is the higher the indicator the
better the result.
 Increase in production capacity, reflecting a 12.5% decrease in IP (Productivity Index) when comparing 2015 to
2013.
 29.4% increase in the VP (Production Speed), comparing the same years.
 Up to Sep 2015 we built more than 3,000 units.
Operacional Advantages - Execution

23. 26,1%
26,6%26,6%
26,2%26,4%
27,8%
28,2%
30,3%
29,5%
29,2%
31,0%
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
Highlight to the evolution of Gross Margin due to:
• Renegotiation with Suppliers
• Productivity Increase (PI)
• Reduction of discrepancy between projects
• Better conditions for land purchase.
23
Operacional Advantages – Gross Margin

24. Note:
1 - Tecnisa and Eztec do not release the amount od delivered units.
2 – Units presented in (‘000) units.
Operacional Advantages – Delivered untis
24
Delivered units – 9M15
Delivered units – 2014

25. • R$ 4.8 Billion in payments in 2015
• 55 thousand Invoices received per
month
• 18 thousand Employees paid per
month
• 285 Employees
SSC – Shared Service
Center
• + 4.8 million views of
#MeuMundoMelhor videos.
• + 3.6 million acesses to the
Relacionship Portal in 2015
• + 640 thousand estimated calls
answered in 2015
• 130 employees
• 260 thousand active clients
• R$ 450 million collected per
month
• + 2,000 current accounts
reconciled per month
• + 3,000 new registered contracts
per month
• 295 employees
• R$ 86 million of investiment in IT
(5 years)
• 10,000 IT users
• 15 million of scanned documents
• 99 employees
Operational Advantage - Administrative Structure
Lower
G&A/Net
Revenue in
the sector
Client Relationship
and Internal
Comunication
Information of
Technology
Specialized Services
• Rental in Belo Horizonteis
cheaper than other capitals
• Skilled workers
• Lower competition 25

26. Productivity - G&A / Net Revenue – 9M15
13,21%
12,65%
11,75%
11,72%
9,40%
8,70%
8,28%
7,50%
6,75%
5,69%
ROSSI
EZTEC
PDG
TECNISA
CYRELA
EVEN
GAFISA
HELBOR
DIRECIONAL
MRV
8,9%
7,9%
7,4%
5,9%
5,0%
4,8%
8,9%
7,9%
7,4%
5,9%
5,0%
4,8%
8,9%
7,9%
7,4%
5,9%
5,0%
4,8%
8,9%
7,9%
7,4%
5,9%
5,0%
4,8%
2.32x
2.22x
2.07x
2.06x
1.65x
1.53x
1.46x
1.32x
1.19x
Due to our Strong and
efficient operation, we are
able to dilute expenses and
present the best G&A/Net
Revenue ratio in the sector.
Average from peers
10.02%
26
Operational Advantage – Efficient Administrative Structure

27. Financial Advantages

28. Financial Advantages – “Crédito Associativo”
Since the beginning of simultaneous sales, MRV has
considerably decreased the collection period, contributing to
less working capital need per launched Project.
28
-20%
-10%
0%
10%
20%
30%
40%
1T 2T 3T 4T 5T 6T 7T 8T 9T 10T 11T 12T 13T 14T 15T 16T 17T 18T 19T 20T 21T 22T 23T
Associativo 2015
Individual
Associativo < 2015
Individual < 2015
Aquisição do Terreno Lançamento Início Obra Fim Obra
Land acquisition Project startsLauchi
ng
Project ends 257
233
210
197
189 184
165
124
113
91
60
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
Working Capital need(indays)
446 442
431
416
401
391 388
378
345
319
292
268
2012 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
Average Collection Period

29. -70 -8 12
38
62
116
208
162
56
138 136
238
147 154
258
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
Cash Generation (R$ million)
Highlights:
Greater corporate rating in the sector (brAA-) by Fitch and Standard & Poor´s.
Enhancement of systems and processes from CEF in 2011 → benefits since 2012;
Growth of operations from BB in “Crédito Associativo” model, started in 2013.
Financial Advantages
Consistent Cash Generation and low leverage
3 years of recurrent generation
29

30. 14,0%
16,7%
13,6%
15,6%
21,7%
19,3%
25,6%
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
Cash Yield - 12M
MRV
11,0%
12,2% 11,5%
12,2%
15,5%
14,4%
19,0%
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
EPS Yield12M
MRV
Consistency and stability of the Company’s yields
Average
quarterly
growth: 8.1%
Average
quarterly
growth: 12,6%
Average
quarterly
growth: 9,1%
Average
quarterly
growth: 3,2%
Nota: ROE excluindo equivalência patrimonial
30
2,62% 2,9% 2,7%
4,70%
5,8%
5,3%
6,0%
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
Dividend Yield – 12M
MRV
10,7%
10,4%
11,0%
11,8%
12,4%
13,2% 13,3%
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
ROE – 12M
MRV

31. Indicadores Financeiros
31
Net Revenue
(R$ million)
Gross Margin (%)

32. 350
511
343
185
148
145
154
-81
31
-258
-307
408
350
340
112
112
93
41
39
35
-378
-795
MRV CYRELA EZTEC EVEN TECNISA DIRECIONAL HELBOR TENDA GAFISA ROSSI PDG
Lucro Líquido (R$ milhões)
9M14 9M15
Indicadores Financeiros
32
Net Income (R$ million)
Net Margin (%)

33. Subsidiaries

34.  Landbank with PSV of R$2.1 billion;
 140 commercialized units in 3Q15, equivalents
to a PSV of R$10.7 million;
 SOS of 24% in 3Q15
 Highlight to 2Q15 for the success during the
launching of “Bem Viver Campos” with 52% of
total units sold during the 1st month after
launch.
 Equity: R$ 24 million
 MRV share: 60%
 Portfolio %LOG (in GLA) – 1,267,099 sqm of GLA
 Rented GLA in 9m15 – 130,000 sqm (%LOG)
 Number of projects: 39
 Net Revenue 9M15: R$69 million
 Adjusted Ebitda 9M15: R$54 million
 Equity: R$1.5 Billion
 MRV share: 38%
3Q15 3Q15
Subsidiaries
34