Earnings Release Presentation - Second Quarter 2010 (2Q10).

1. Earnings Release 2Q10
August 10, 2010

2. Earnings
Release 2Q10
Rubens Menin
Opening Comments
2

3. Earnings
Release 2Q10
Consistent growth, higher margins
Largest player with CEF and the largest operation in the housing program
“Minha Casa, Minha Vida”
This quarter cash burn evolution
Highlights
3
This quarter cash burn evolution
MRV LOG – adding value to shareholders

4. Net Revenue (R$ million) Gross Profit (R$ million) and
Gross Margin (%)
Consistency of Financial Results
Earnings
Release 2Q10
389.6
705.1 662.1
1,273.7
81.0%
92.4%
128.8
232.0 220.5
427.7
33.1%
32.9%
33.3%
33.6%
80.1%
94.0%
Net Income(R$ million) and
Net Margin (%)
EBITDA (R$ million) and Margin EBITDA (%)
4
2Q09 2Q10 1H09 1H10
97.5
188.9
158.0
338.6
25.0%
26.8%
23.9%
26.6%
2Q09 2Q10 1H09 1H10
93.6%
114.3%
73.9
150.5
122.9
266.3
19.0%
21.3%
18.6%
20.9%
2Q09 2Q10 1H09 1H10
103.6%
116.6%
2Q09 2Q10 1H09 1H10

5. Earnings
Release 2Q10
Transfers CEF (units)
Real Estate Financing
Increasing volume of contracted units with CEF
MRV is the largest partner of CEF in the housing program “Minha Casa, Minha Vida”
Transfers CEF (units)
5
1,842
2,553
3,709
5,665
697
2,539
5,092
8,801
4,702
10,367
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10
Transfers
YTD
10,740
23,575
7,016
17,756
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10
Contrated units
YTD
Contracted units

6. Earnings
Release 2Q10
Constant financial discipline...
Cash Burn
Change in Net Debt
(R$ million)
6

7. Industrial warehouses complexes and
other investments....
Market in expansion....
Earnings
Release 2Q10
Competitive advantages
Low cost and return focus
7
Market in expansion....
Hidden value....

8. Economically, financially and management
independent....
Earnings
Release 2Q10
Initial capital commitment R$ 45 million. Until
today only R$ 34 million invested....
Existing and in negotiation business with more
than 500 thousand m² in GLA/year
8
Capital structure and funding still being discussed with investment
banks....
Segregation from MRV at the most favorable market condition....

9. Land Bank
Launches
Contracted Sales
Operational and Financial
Performance 2Q10
Operational and Financial Performance
9
Inventories at Market Value
Productivity Index
Indebtedness and Net Debt
Unearned Results
Guidance

10. ... On June 30, 2010:
•Land bank of R$11,347.3 million
• 115,9 thousand potential units
• Average price of R$97.9 thousand (focus on low
income)
Operational and Financial
Performance
Land Bank (%MRV)
2Q10
income)
• 376 units per construction site (average)
... by financing source Jun/10% swap / land cost % land cost/ PSV
10
Land Bank %MRV (R$ billion)
Swap
45%
SFH - FGTS
96%
SFH - SBPE
4%
Mauá – Mar/08
3,119 units
9.0
10.6 10.9 11.3
sep/09 dec/09 mar/10 jun/10
Cost
9.5%

11. ... by price range in 2Q10
Operational and Financial
Performance 2Q10
... in 2Q10
• Launches of 45 new projects
• PSV of R$1,113 million – 11,682 units
• 84% of the launched units are eligible to MCMV
• Average size of 260 units per launch
Launches (%MRV)
Below
R$ 80,000 to
R$ 130,000
75%
Over
R$130,000
11%
11
... by financing source in 2Q10
• Average size of 260 units per launch
Launches %MRV (in R$ million)
614.0
1,113.0
882.6
1,719.1
1Q09 1Q10 1H09 1H10
94.8%
81.3%
SFH - FGTS
84%
SFH - SBPE
16%
Below
R$80,000
14%

12. Operational and Financial
Performance 2Q10
Contracted Sales (%MRV)
... in 2Q10
• Total sales of R$981.9 million
• 9,434 sold units
• Sales over Supply of 37%
... by price range in 2Q10
From
R$80.001 to
R$130.000
71%
Over
R$130.000
19%
12
Contracted Sales%MRV (em R$ milhões)
... by financing source in 2Q10
Below
R$80.000
10%
SFH - FGTS
75%
SFH - SBPE
25%

13. Inventory distribution of units for sale
per construction phase as of Jun/30/10
Inventory at Market Value 06/30/10 = R$ 1.6 billion
Inventory distribution of units for sale
per financing source as of Jun/30/10
Operational and Financial
Performance 2Q10
Inventory at Market Value (%MRV)
13
Construction
not iniciated
64%
Under
Construction
33%
Finished
3%
SFH - FGTS
90%
SFH - SBPE
10%

14. Units produced
Operational and Financial
Performance 2Q10
Production
11,500
121.1%
14
2,800
4,300 4,000
5,000
6,500
5,200
2Q09 3Q09 4Q09 1Q10 2Q10 1H09 1H10
132.1%

15. Operational and Financial
Performance 2Q10
Productivity Index
... in 2Q10
• 30% of contracted sales via internet
• The most visited website among
homebuilders in Brazil
• 2,350 brokers (internal and outsourced)
Selling Expenses
(R$ million)
Selling Expenses / Contracted Sales %MRV (%)
and Selling Expenses / Net Revenue (%)
15
• 2,350 brokers (internal and outsourced)
5.9%
4.8%
7.2%
5.5%
2.7%
3.5%
3.7%
4.1%
2Q09 2Q10 1H09 1H10
% NetRevenue
% Sales
23.0
34.1
47.8
69.9
2Q09 2Q10 1H09 1H10
48.5%
46.3%

16. Operational and Financial
Performance 2Q10
Productivity Index
... in 2Q10
• Continued investments in IT
• Shared Service Centre – productivity and cost
reduction
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
G&A Expenses
(R$ million)
G&A Expenses / Contracted Sales %MRV (%)
and G&A Expenses / Net Revenue (%)
16
5.5%
5.1% 6.5% 5.2%
2.5%
3.7%
3.4%
3.9%
2Q09 2Q10 1H09 1H10
%Net Revenue
%Sales
21.6
36.3
43.2
66.6
2Q09 2Q10 1H09 1H10
67.9%
54.2%

17. Loans and Financing and Net Debt
Operational and Financial
Performance 2Q10
Composition of the Indebtedness Net Debt
17
Debt Maturity Schedule
197.6
99.5
360.3
260.1
299.4
189.5
21.0
4.8
12 months 13 to 24 months 25 to 36 months Over 37months
Debenture Loans - Financing

18. Unearned Results
Operational and Financial
Performance 2Q10
18

19. Guidance 2009 / 2010
Operational and Financial
Performance 2Q10
2010 Guidance
Contracted sales (%MRV) - R$ million 3,700 ~ 4,300
19
Contracted sales (%MRV) - R$ million 3,700 ~ 4,300
EBITDA Margin* 25% ~ 28%
* according to the accounting practices of 2009

20. Disclaimer
Earnings
Release 2Q10
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
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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.

21. Leonardo Corrêa
Chief Financial Officer
Mônica Simão
Chief Investor Relations Officer
Contacts
Earnings
Release 2Q10
Chief Investor Relations Officer
Felipe Gonçalves
Investor Relations Manager
Ph.: (31) 3348-7150
E-mail: ri@mrv.com.br
www.mrv.com.br/ri
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