MRV reported its financial results for the first quarter of 2009. Sales increased to R$430.1 million in 1Q09, up from R$340.1 million in 1Q08. EBITDA was R$69.2 million in 1Q09 compared to R$35.7 million in 1Q08, with EBITDA margin increasing to 24.1% from 18.9%. Net income increased to R$22.2 million in 1Q09 from R$14.9 million in 1Q08. MRV also updated its full-year 2009 guidance, raising expected sales to between R$2.4-2.9 billion and reaffirming an EBITDA margin target of

1. Earnings Release 1Q09
May 18, 2009

2. 1Q09
Comments
Earnings
Release
2

3. 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

4. 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

5. 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

6. ApprovedProjects
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
(*)

7. 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
30
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%

8. 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

9. 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 byEvolution 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
9
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

10. 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

11. ... 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$98.4 thousand (focus on low income segment)
Land Bank (%MRV)
Operational and Financial
Performance 1Q09
78%
22%
Minha Casa,
Minha Vida
SFH - SBPE
% of swaps / land acquisition cost% of land acquisition cost/ PSV
11
10,1 9,9 9,5 9,0 8,7
mar/08 jun/08 set/08 dez/08 mar/09
Landbank %MRV(emR$ 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%

12. ... 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$130 thousand.
Launches
Operational and Financial
Performance 1Q09
20%
54%
27%
BelowR$ 80,000
FromR$ 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%

13. ... 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
FromR$ 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

14. 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 per
source 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

15. 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

16. 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

17. 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

18. 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%
18
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.

19. Guidance 2009
1Q09Earnings
Release
Guidance
Released Revised
19
Sales (%MRV) - R$ million 1,600 ~ 2,000 2,400 ~ 2,900
EBITDA Margin % 24% ~ 28% 24% ~ 28%

20. 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
Disclaimer
1Q09Earnings
Release
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.
20

21. 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
21