MRV Engenharia is a Brazilian real estate developer specializing in lower-income housing. In 2008, MRV launched over 23,000 units worth R$2.5 billion and contracted sales of over 14,500 units worth R$1.5 billion. Financially, net operating revenues increased 178% to R$1.1 billion due to accounting changes, while net income grew 165% to R$231 million. For 2009, MRV expects contracted sales between R$1.6-2 billion and to maintain EBITDA margins between 24-28%.

1. 4Q08 Results
March 26, 2009

2. Comments
4Q08Results

3. Recent Events
MRV Rating
• Standard and Poor’s: brA+/stable – Best rating in the Brazilian real estate sector...
ADR Program
• Depositary Bank: Deutsche Bank Trust Company Americas
• Program Type : Level 1
• Market: United States of America
• Ratio of Shares per ADR: 2 MRVE3 for 1 ADR
Debentures
• Insurance – Small premium compared to security/liquidity
Accounting changes Law 11.638/07: Uniformity = Transparency
Government Package
• Caixa Econômica Federal (CEF) is the executor of the government’s housing policy
• Partnership
3
4Q08Results

4. MRV: Largest and best Brazilian lower-income homebuilder
30 years of
experience in
lower-income
... Absence of cancelled
projects
BestLargest
... Best Return on Equity
15,8% *
... Land bank of R$ 9.0
billion in Dec-2008
... R$2,533.0 million in
Launches in 2008
... R$1,544.2 million in
Contracted Sales in
2008
4
... 10,343 units built in
2008 and 194 projects
at year end 2008
* Net Income of 2008 divided by average shareholders´ equity
4Q08Results

5. Operational and Financial Performance
4Q08Results
Land Bank
Launches
Contracted Sales
Net Operating Revenues
Gross Income
Key Performance Indicators
EBITDA
Net Income
Indebtedness
Guidance

6. 8%
Operational and Financial
Performance 4Q08
... by price range on dec/08
% Swaps / Land costs% Land costs / Launches
... on December 31, 2008:
• Land Bank of R$8.991,2 million
• 90,990 potential units
• Average Price of R$98.8 thousand (focus on lower-income)
Land Bank (%MRV)
10.0 10.1 9.9 9.5 9.0
Dec-07 Mar-08 Jun-08 Sep-08 Dec-08
Landbank %MRV(R$ billions)
-10%
Swaps
26%
Cash
74%
20%
72% 8%
Below R$ 80,000
FromR$ 80,001 to R$
150,000
Over R$ 150,000

7. ... in 2008:
• 155 new projects launched
• R$2,533.0 million with 23,474 units launched
• 83% of units launched with average price up to
R$150 thousand.
Launches (%MRV) – R$536.0 million in 4Q08
Operational and Financial
Performance 4Q08
... by price range on dec/08
1.199,9
2.533,0
513,2 536,2
2007 2008 4Q07 4Q08
%MRV
(R$'Millions)111%
4%
11%72%
17%BelowR$ 80,000
FromR$ 80,001 to
R$ 150,000
Over R$ 150,000

8. Launches (%MRV)
8
Evolution of Launches
by financing means
4Q08Operational and Financial
Performance
Launches by Financing Source in 2008
(number of units)
28.5%
78.4%
57.9%
79.0%
88.2% 92.7%
71.5%
21.6%
42.1%
21.0%
11.8% 7.3%
2007 2008 1Q08 2Q08 3Q08 4Q08
Crédito Associativo (CEF) BankFinancing
FGTS
52%
SBPE
48%

9. ... in 2008:
• R$1,544.2 million in Contracted Sales
• 14,500 units sold
• Average sales speed of 10%
Contracted Sales (%MRV) – R$298.4 million in 4Q08
Operational and Financial
Performance 4Q08
... by price range on dec/08
717,0
1.544,2
249,8
298,4
2007 2008 4Q07 4Q08
%MRV(R$
millions)
115%
19%
22%
60%
18%BelowR$ 80,000
FromR$ 80,001 to
R$ 150,000
Over R$ 150,000

10. Contracted Sales (%MRV)
Evolution of Contracted Sales
by financing means
10
4Q08
17.1%
33.9%
12.7%
19.8%
45.5%
67%
69.7%
56.8%
78.2%
71.6%
45.2%
23%
13.2% 9.2% 9.2% 8.6% 9.3% 10%
2007 2008 1Q08 2Q08 3Q08 4Q08
Crédito Associativo (CEF) BankFinancing
MRV / Payment duringConstruction
Operational and Financial
Performance
Financed Sales by Financing Source in 2008
(number of units)
FGTS
53%
SBPE
47%

11. Inventory at market value on 12/31/08 = R$ 1.7 billion
Inventory distribution of units for sale
in Dec/08 per construction phase
56%
42%
2%
Construction not
initiated
Under construction
Finished Units
Inventory at Market Value (%MRV)
11
4Q08Operational and Financial
Performance

12. Net Operating Revenues (in R$ millions)
Operational and Financial
Performance 4Q08
4Q08 x 4Q07
Before Law 11.638/07 adjustments
2008 x 2007
After Law 11.638/07 adjustments
12
128.9
297.0
4Q07 4Q08
130.3%
399,6
1.110,7
2007 2008
178.0%

13. Gross Income (in R$ million) and Gross Margin (%)
Operational and Financial
Performance 4Q08
4Q08 x 4Q07
Before Law 11.638/07 adjustments
2008 x 2007
After Law 11.638/07 adjustments
54.7
114.2
42.4%
38.5%
4Q07 4Q08
108.8%
146.2
420.6
36.6%
37.9%
2007 2008
187.8%
13

14. Key Performance Indicators:
Selling Expenses (R$ million) & Selling Expenses / Net Revenue (%)
Operational and Financial
Performance 4Q08
4Q08 x 4Q07
Before Law 11.638/07 adjustments
2008 x 2007
After Law 11.638/07 adjustments
14
10.9
34.3
8.5%
11.5%
4Q07 4Q08
213.3%
35.5
93.2
8.9%
8.4%
2007 2008
162.5%

15. Operational and Financial
Performance 4Q08
Key Performance Indicators:
G&A (R$ million) & G&A / Net revenue (%)
4Q08 x 4Q07
Before Law 11.638/07 adjustments
2008 x 2007
After Law 11.638/07 adjustments
15
19.5
21.2
15.1%
7.1%
4Q07 4Q08
9.0%
63.6
86.3
15.9%
7.8%
2007 2008
35.7%

16. EBITDA (in R$ million) and EBITDA Margin (%)
Operational and Financial
Performance 4Q08
4Q08 x 4Q07
Before Law 11.638/07 adjustments
2008 x 2007
After Law 11.638/07 adjustments
76.9
272.6
19.3%
24.5%
2007 2008
254.4%
32.9
67.7
25.5%
22.8%
4Q07 4Q08
105.9%
16

17. Net Income (in R$ million) and Net Margin (%)
Operational and Financial
Performance 4Q08
4Q08 x 4Q07
Before Law 11.638/07 adjustments
2008 x 2007
After Law 11.638/07 adjustments
45.4
50.1
35.2%
16.9%
4Q07 4Q08
10.3%
17
87.1
231.0
21.8% 20.8%
2007 2008
165.2%

18. Unearned Results
Operational and Financial
Performance 4Q08
18
in R$ million
Dec/2008 Sep/2008
Unearned Sales Revenue 991,6 892,9
(-) Unearned Cost of Units Sold (505,8) (454,0)
Unearned Results 485,8 438,9
Unearned Margin (%) 49,0% 49,2%

19. Cash and Indebtedness
Operational and Financial
Performance 4Q08
68,3
56,9
104,0 100,2 100,0
2009 2010 2011 2012 2013
Debt Maturity Schedule
Total Construction Financing
contracted in 2008 = R$ 390 million
Withdrawn during the year = R$ 94 million
19
in R$ million
Dec/2008
Debenture 304.3
Construction Financing 95.0
Other 30.1
Total Debt 429.5
(-) Cash and cash equivalents 150.1
Net Debt 279.4
Net Debt / Equity 18.0%

20. Guidance 2008
20
Guidance Actual
Launches (%MRV) - R$ million 2,500 ~ 2,800 R$2,533.0
Sales (%MRV) - R$ million 1,800 ~ 2,000 R$1,544.2
Gross Margin % 40% ~ 44% 40.2%
EBITDA Margin % 24% ~ 28% 24.7%
Net Margin % 21% ~ 25% 21.6%
Note: Key Performance Indicators before Accounting Changes
4Q08Results

21. Guidance 2009
21
Guidance
Sales (%MRV) - R$ million 1,600 ~ 2,000
EBITDA Margin % 24% ~ 28%
4Q08Results

22. 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 3Q08 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.
EBITDA, in accordance with CVM Circular Letter 1/2005, may be defined as income before net financial revenue
(expense), income tax and social contribution, depreciation and amortization and non-operating results. EBITDA is
used as a way of measuring the performance by the Company’s management, and is not a measure adopted by
the Brazilian or U.S. Accounting Practices, does not represent the cash flow for the periods presented and should
not be considered as a substitute for net income, MRV’s operating performance indicator or cash flow substitute,
or liquidity indicator.
MRV’s management believes that EBITDA is a practical measure to assess its operating performance and allow for
a comparison with other peer companies. However, it is important to highlight that EBITDA is not a measure
established according to the Brazilian Accounting Practices (Corporation Law or BR GAAP) or U.S. Accounting
Principles (US GAAP) and may be defined and calculated otherwise by other companies.
Disclaimer
4Q08Results

23. Leonardo Corrêa
Executive Vice President & Chief Officer for Finances and Investor Relations
Mônica Simão
Financial Director
Tel.: +55 (31) 3348-7150
E-mail: ri@mrv.com.br
www.mrv.com.br/ri
Contacts
4Q08Results