Earnings Release Presentation - Second Quarter 2008 (2Q08).

1. Presentation of 2Q08 Results
August 14th, 2008

2. Consistent and Solid Operating IndicatorsConsistent and Solid Operating Indicators
2
*CompoundQuarterlyGrowthRate
**In2007excludesnon-recurringIPOexpensesandexpensesrelatedto
thePrivateEquitytransaction.
Rubens Menin – CEO
218.5
254.3
513.2
691.5
797.7
2Q07 3Q07 4Q07 1Q08 2Q08
PSV R$ millions (%MRV)
Avg. Growth
Rate *
↑ 38.2%
145.8
191.0
249.8
340.1
480.7
2Q07 3Q07 4Q07 1Q08 2Q08
Sales R$ millions (%MRV)
Avg. Growth
Rate *
↑ 34.7%
80.3
113.3
128.9
184.0
277.1
2Q07 3Q07 4Q07 1Q08 2Q08
Net Operating Revenue R$ millions
Avg. Growth
Rate *
↑ 36.3%
17.5
31.4 32.1
44.4
68.8
2Q07 3Q07 4Q07 1Q08 2Q08
EBITDA R$ millions **
Avg. Growth
Rate *
↑ 40.8%

3. Consistent GrowthConsistent Growth
3
.

4. Comments on the 2Q08Comments on the 2Q08
4
Leonardo Corrêa – Executive Vice-President and Investor Relations Officer

5. BrazilianBrazilian SocialSocial PyramidPyramid
A / B
C
D / E
2005 2006 2007
15%
34%
51%
18%
15% of the population
28 million of people
36%
46% of the population
86,2 million of people
46%
39% of the population
72,9 million of people
BRAZILIAN POPULATION DISTRIBUTION PER INCOME CLASS (%) 2005‐2006‐2007
SOURCE: PESQUISA CETELEM – IPSOS 2005/2006/2007
Class C has consistently grown throughout the past years...

6. RecoveryRecovery ofof the minimum wage purchasing powerthe minimum wage purchasing power
... and the minimum wage has grown
in real terms...
SOURCE: DIEESE
Contracted Values SBPE + FGTS
R$ billions
Source: ABECIP, CBIC, Banco Central do Brasil,
*SBPE 2008 as of Mai/08
R$
45,2%
6
‐
50
100
150
200
250
300
350
400
450
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
3,066 2,697
3,861
5,478
6,768 6,919
3,199
9,734
1,769 2,218
3,002
4,852
9,340
18,410
6,932
4,981
2002 2003 2004 2005 2006 2007 1S07 1S08
FGTS SBPE

7. WhatWhat doesdoes ClassClass CC intendintend toto purchase next yearpurchase next year??
“The intention to acquire
a house remains in an
upward trend...
... and it reaches the 16%
record with easier access
to credit.”
SOURCE: Research CETELEM – iPSOS 2005/2006/2007
%
7
9
16
10
13
20
25
26
18
21
28
37
41
10
14
11
17
18
23
20
19
20
33
41
40
9
10
11
16
17
18
19
20
20
32
37
37
Sporting Goods
House/Property
Motorcycle
General Working Tools
Decoration
Desktop Computer
Mobile Phone
TV, HI‐FI and Video
Automobile
Leisure
Furniture
Appliances
2005
2006
2007

8. MRV LOGMRV LOG –– WarehousingWarehousing, Industrial, Industrial CondominiumsCondominiums,, HUBsHUBs ee
Logistics ParksLogistics Parks
8
Capital Commitment: R$ 45 million.
Success Factors: i) strong demand and
market; ii) experience in the distribution center
market iii) expertise in land acquisition; and iv)
low costs
Projects:
MRV LOG I – Construction already started.
Gross Leasable Area - 54.500 m².
MRV LOG II – Construction begins in the
4Q08. Gross Leasable Area- 11.500 m².
MRV LOG I
MRV LOG II

9. RealReal Estate CorrespondentEstate Correspondent -- CEFCEF
9
1st homebuilder in the country to be certified1st homebuilder in the country to be certified
as a CEF Real Estate Correspondentas a CEF Real Estate Correspondent
Long experience in the
“Associativo” model
Uninterrupted relationship
with CEF for over 25 years
Increased efficiency to approve contracts and
growth in operation volume

10. Debenture issueDebenture issue ++ Housebuilding FinancingHousebuilding Financing
10
R$300 million Debenture issue in July 2008.
Contracting of construction financing for several ongoing projects, with a
total value of R$164 million (outstanding).
Total Volume R$ 300 million, in two series
Issue Date June 15th, 2008
Term 5 years
Amortization 3rd, 4th and 5th year, in 3 equal parcels
1st series amount R$ 271,4 million
1st series interest CDI + 1,5% p.y.
Payable semiannually
2nd series amount R$ 28,6 million
2nd series interest IPCA + 10,8% p.y.
Payable annually

11. Operating andOperating and FinancialFinancial HighlightsHighlights
11

12. LaunchesLaunches (%MRV, R$(%MRV, R$ millionsmillions))
12
Launches in 1H08 have already reached 56.2% of the guidance…
218.5
691.5
797.7
432.5
1.489.3
2Q07 1Q08 2Q08 1H07 1H08
265.1%
15.4%
244.3%

13. LaunchesLaunches
13
Price Range Distribution - 1Q08 Price Range Distribution- 2Q08
The R$80 thousand to R$130 thousand price range represents the largest share of our
launched mix.
Under R$
80,000
9%
From R$
80,001 to R$
130,000
62%
From R$
130,001 to R$
180,000
27%
Over R$
180,000
2%
Under R$
80,000
11%
From R$
80,001 to R$
130,000
71%
From R$
130,001 to R$
180,000
15%
Over R$
180,000
3%

14. Contracted SalesContracted Sales (MRV%, R$ millions(MRV%, R$ millions))
14
Contracted Sales in 1H08
reached 43.2% of the
medium range of
guidance ...
8,0%
8,9%
12,5% 11,9%
10,9%
2005 2006 2007 1Q08 2Q08
Sales Average Speed (month)
145.8
340.1
480.7
276.1
820.9
2Q07 1Q08 2Q08 1H07 1H08
229.7%
41.3%
197.3%

15. Contracted SalesContracted Sales
15
Price Range Distribution- 1Q08 Price Range Distribution - 2Q08
The price range from R$80 thousand to R$130 thousand represents the largest share of our
sales mix.
Under R$
80,000
16%
From R$
80,001 to R$
130,000
48%
From R$
130,001 to R$
180,000
23%
Over R$
180,000
13%
Under R$
80,000
20%
From R$
80,001 to R$
130,000
46%
From R$
130,001 to R$
180,000
22%
Over R$
180,000
12%

16. ContractedContracted SalesSales –– SalesSales ChannelsChannels
16
Our geographic
diversification has
strong impact in the
distribution of
contracted sales across
sales channels...
... we optimize our sales
channels according to
our geographic
presence.
REAL
ESTATE
BROKER
70%
OWN
STORE
16%
VIRTUAL
STORE
14%

17. 163 177
1.433
10.009 10.122 10.384
10.087 10.252
9.618
9.935
2004 2005 2006 2007 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08
Land BankLand Bank (%MRV)(%MRV)
17
R$ Millions... and an exceptional quality: located in
urban areas.
Our land bank has an
unique diversification...
Distribution
Capital Cities 30 47.6%
Countryside Cities 33 52.4%
Total 63 100.0%
%MRV R$'000 % # of Projects
Units
(thousands)
Average Price
R$'000
São Paulo 5,778.7 58.2% 124 57.1 101.1
Minas Gerais 1,767.0 17.8% 56 21.2 83.4
Espírito Santo 469.9 4.7% 7 5.3 88.0
Goiás 457.1 4.6% 11 5.2 88.1
Rio de Janeiro 309.4 3.1% 15 3.7 84.2
Rio Grande do Norte 243.8 2.5% 1 2.6 92.9
Rio Grande do Sul 190.1 1.9% 6 1.8 104.6
Paraná 176.3 1.8% 8 1.6 108.1
Ceará 166.4 1.7% 5 1.7 98.8
Santa Catarina 157.8 1.6% 7 1.5 108.8
Mato Grosso 115.3 1.2% 2 1.1 108.4
Mato Grosso do Sul 42.4 0.4% 1 0.4 107.2
Bahia 31.9 0.3% 3 0.3 94.3
Distrito Federal 28.6 0.3% 3 0.3 100.7
Total 9,934.7 100.0% 249 103.8 95.7
As of June 30, 2008

18. Net Operating RevenueNet Operating Revenue (R$(R$ millionsmillions ))
18
Consistent Net Operating Revenue growth reflects the strength of our homebuilding structure.
80.3
184.0
277.1
141.9
461.1
-
50,0
100,0
150,0
200,0
250,0
300,0
350,0
400,0
450,0
500,0
2Q07 1Q08 2Q08 1H07 1H08
NetOperating Revenue (R$'MM)
244.9%
50.6%
225.0%

19. Gross ProfitGross Profit (R$(R$ millionsmillions )) and Gross Marginand Gross Margin (%)(%)
19
Healthy margin due to the Company’s efficiency and strong market conditions.
30.4
75.7
112.7
53.2
188.4
37.9%
41.1% 40.7%
37.5%
40.9%
-
20,0
40,0
60,0
80,0
100,0
120,0
140,0
160,0
180,0
200,0
2Q07 1Q08 2Q08 1H07 1H08
Gross Revenue R$'MM and Gross Margin %

20. Selling Expenses (R$‘MM) and
Selling Expenses / Net Operating Revenue (%)
Productivity IndicatorsProductivity Indicators –– Selling ExpensesSelling Expenses
20
Increase in selling expenses reflects the growth of contracted sales...
Selling Expenses / Contracted Sales (%)
6.4
17.7
26.6
8.0%
9.6% 9.6%
2Q07 1Q08 2Q08
4.4%
5.2%
5.5%
2Q07 1Q08 2Q08

21. G&A (R$’MM) and
G&A / Net Operating Revenue (%)
Productivity IndicatorsProductivity Indicators –– G&A ExpensesG&A Expenses
21
... and management has gained efficiency with the increase of the operational scale.
G&A / Contracted Sales (%)
10.5
15.2
21.0
13.1%
8.2%
7.6%
2Q07 1Q08 2Q08
7.2%
4.5% 4.4%
2Q07 1Q08 2Q08

22. EBITDAEBITDA (R$(R$ millionsmillions )) and EBITDA Marginand EBITDA Margin (%)(%)
22
Note: EBITDA in 2Q07 and in 1H07 excludes non-recurring IPO expenses and expenses related to the Private Equity transaction.
Growing EBITDA margin is a reflection of scale gains...
17.5
44.4
68.8
29.9
113.3
21.8% 24.2% 24.8%
21.1%
24.6%
-
20,0
40,0
60,0
80,0
100,0
120,0
2Q07 1Q08 2Q08 1H07 1H08
Adj.EBITDA R$'MM and Adj.EBITDA %

23. Net IncomeNet Income (R$(R$ millionsmillions )) and Net Marginand Net Margin (%)(%)
23
... and also results in an extremely healthy net margin.
16.1
50.8
66.7
24.4
117.5
20.1%
27.6% 24.1%
17.2%
25.5%
-
20,0
40,0
60,0
80,0
100,0
120,0
140,0
2Q07 1Q08 2Q08 1H07 1H08
Adj.Net Income R$'MM and Adj. Net Margin %
Note: Net Income in 2Q07 and in 1H07 excludes non-recurring IPO expenses and expenses related to the Private Equity transaction.

24. Unearned ResultsUnearned Results (R$(R$’’000)000)
24
R$'000 2Q08 1Q08 2Q07
Chg% 2Q08 x
1Q08
Chg% 2Q08 x
2Q07
Unearned Sales Revenue 811,745 606,988 242,048 33.7% 235.4%
Unearned Cost of Units Sold (406,071) (298,010) (115,579) 36.3% 251.3%
Unearned Results 405,674 308,978 126,469 31.3% 220.8%
% Unearned Margin 50.0% 50.9% 52.2% -0.9 p.p. -2.3 p.p.

25. MRV firmly believes in the growth of the construction market.
OutlookOutlook
25
2008
PSV (%MRV - R$'MM) 2,500 ~ 2,800
Contracted Sales - R$'MM 1,800 ~ 2,000
Gross Margin 40% ~ 44%
EBITDA Margin 24% ~ 28%
Net Margin 21% ~ 25%

26. This release contains forward-looking statements that are not merely historical facts but reflect the goals and
expectations of MRV Engenharia’s management. Words such as “anticipates”, “believes”, “may”, “will”, “expects”,
“intends”, “plans”, “estimates” or similar expressions are forward-looking statements. Though we believe that these
forward-looking statements are based on reasonable assumptions, they are subject to risks and uncertainties, and are
based on information currently available with MRV Engenharia. This presentation is current as of end 1Q08 and MRV
Engenharia takes no responsibility to update it with new information and/or forward-looking statements. MRV Engenharia
is not responsible for investments or investment decisions based on information contained in this presentation.
DisclaimerDisclaimer
26

27. ContactsContacts
27
Leonardo Corrêa
Executive VP and Investor Relations Officer
Mônica Simão
Financial Director
Telephone: (31) 3348-7171
E-mail: ri@mrv.com.br
www.mrv.com.br/ri