This document summarizes MRV's 4Q10 and full year 2010 earnings results. Key highlights include: - 4Q10 contracted sales of R$1.1 billion, a 53% increase over 4Q09. Full year 2010 contracted sales totaled R$3.8 billion, within guidance. - 4Q10 net revenue increased 69% to R$795.9 million and full year net revenue increased 82.7% to R$3.021 billion. - EBITDA margins were 26.3% for 4Q10 and 21% for full year 2010. - MRV remains strongly committed to the Minha Casa Minha Vida affordable housing program, with most units launched

1. Earnings Release 4Q10 and 2010
March 24, 2011

2. 2
Earnings
Release 4Q10
Rubens Menin
Opening Comments

3. Highlights
3
Market
Real Estate Financing
Financial Results
4Q10Earnings
Release

4. Demand continues strong...
Contracted Sales (%MRV) - R$ million
...In 4Q10
We sold R$1.1 billion, 53% higher than 4Q09
... In 2010
Contracted sales reached R$ 3.8 billion, within
the Company's guidance range for 2010
35,998 units sold
Sales over Supply of 32%
Sales in 14 states + Federal District and 65
cities.
4
206 717
1,544
2,822
3,753
751
1,149
2006 2007 2008 2009 2010 4Q09 4Q10
CAGR 106.5%
53.0%
Guidance 2010 2011
Contracted Sales (%MRV) - R$ million 3,700 ~ 4,300 4,300 ~ 4,700
EBITDA Margin* 26% ~ 29% 25% ~ 28%
* according to the current accounting practices
4Q10Earnings
Release

5. CEF is strongly committed with ‘My house, My Life’ Program
MCMV 2 Launch: commitment of the Federal
Government to continue the support to the real estate
low-income segment
Increasing volume of CEF contracted units
Largest operator of the Minha Casa Minha Vida (My
House, My Life) program.
5
Client Financing (units)
1,842
2,553 3,709 5,665
7,744 6.580697
2,539
5,092
8,801
4,702
10,367
18,111
24.691
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
Transfers
YTD
Status Dec 31-2010
Contracted (units) 1,005,028 50,384 5%
00-03 MW 574,874 0
03-10 MW 430,154 50,384 12%
(VGV R$million) R$ 51,310 R$ 4,987 10%
Source : Caixa and MRV
4Q10Earnings
Release

6. 6
Net Revenue (R$ million) Gross Profit (R$ million)
EBITDA (R$ million) and EBITDA Margin (%)
Net Income(R$ million) and Net Margin (%)
155.8
187.5
439.5
795.9
29.1%
21.6% 26.7% 26.3%
4Q09 4Q10 2009 2010
20.4%
81.1%
535.6
866.2
1,647.6
3,021.0
4Q09 4Q10 2009 2010
61.7%
83.4%
195.0
235.6
577.8
976.8
4Q09 4Q10 2009 2010
20.8%
69.1%
121.8
152.1
347.3
634.5
22.7%
17.6%
21.1%
21.0%
4Q09 4Q10 2009 2010
24.9%
82.7%
REF (Gross of Taxes)
(R$ million) sep/10 jun/10 Chg. %
Unearned Sales Revenues 3,113.9 2,809.9 10.8% ↑
(-) Unearned Costs of Units Sold (1,684.6) (1,461.6) 15.3% ↑
Unearned Results 1,429.2 1,348.3 6.0% ↑
Unearned Results Margin 45.9% 48.0% 2.1 p.p. ↓
4Q10Earnings
Release
Consistent Financial Results

7. 7
Land Bank
Launches
Contracted Sales
Inventories at Market Value
Production
Productivity Index
Indebtedness and Net Debt
Operational and Financial
Performance
Operational and Financial Performance
4Q10

8. ... As of December 31, 2010:
• 134 thousand potential units
• Average price of R$101.3 thousand (focus on low
income)
• 422 units per construction site (average)
• Increase on land bank to meet the strong and
increasing demand
... by financing source Dec/10% swap / land cost % land cost/ PSV
8
Operational and Financial
Performance
Land Bank (%MRV)
Land Bank %MRV (R$ billion)
4Q10
9.0
10.6 10.9 11.3
12.4
13.6
dec/08 dec/09 mar/10 jun/10 sep/10 dec/10
Swap
38%
Cost
9%
FGTS
97% Savings
Accounts
3%

9. ... by price range in 2010
Operational and Financial
Performance
9
... by financing source in 2010
... in 2010
• Launches of 167 new projects
• PSV of R$4.6 billion – 46,975 units
• 67% of the units launched are eligible to MCMV in
4Q10
• Launches in 14 states and the Federal District and in 56
cities in 2010
Launches (%MRV)
Launches %MRV (in R$ million)
4Q10
1,052.7
1,852.0
2,586.1
4,604.0
4Q09 4Q10 2009 2010
75.9%
78.0%
Below
R$80,000
11%
R$80,001
to
R$130,000
72%
Over
R$130,000
17%
FGTS
79%
Savings
Accounts
21%

10. 10
Operational and Financial
Performance
Contracted Sales (%MRV)
... in 2010
• Total sales of R$3.8 billion
• 35,998 units sold
• Sales over Supply of 32%
• Sales in 14 states + DF and 65 cities
Contracted Sales (%MRV) - R$ million
... by price range in 2010
... by financing source in 2010
4Q10
Below
R$80,000
9%
R$80,001
to
R$130,000
71%
Over
R$130,000
20%
FGTS
74%
Savings
Accounts
26%
750.9
1,148.6
2,821.8
3,753.0
4Q09 4Q10 2009 2010
53.0%
33.0%

11. 11
Inventory distribution of units for sale
per construction phase as of Dec/31/10
Inventory at Market Value 12/31/10 = R$ 2.9 billion
Inventory distribution of units for sale
per financing source as of Dec/31/10
Operational and Financial
Performance
Inventory at Market Value (%MRV)
4Q10
69%
28%
3%
Notiniciated
Underconstruction
Finished FGTS
85%
Savings
Account
15%

12. 12
Operational and Financial
Performance
Production
4Q10
Built and Finished Units
(units)
2,483
2,779
4,325
3,922
5,141
6,478
7,384
6,982
2,020
2,564
2,035 2,187
1,761
2,998
5,132 5,250
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
Built Units Finished Units
13,509
25,985
8,806
15,141
2009 2010
Built Units Finished Units
92%
72%

13. Selling Expenses
(R$ million)
Selling Expenses / Contracted Sales %MRV (%)
and Selling Expenses / Net Revenue (%)
13
Operational and Financial
Performance
Productivity Index
... in 2010
• 30% of contracted sales via internet
• The most visited website among
homebuilders in Brazil – 1.6 million
visits/month
• 2,500 brokers (own and outsourced)
4Q10
31.8
52.9
105.2
163.1
4Q09 4Q10 2009 2010
66.3%
55.1% 5.9% 6.1%
6.4% 5.4%
4.2%
4.6%
3.7%
4.3%
4Q09 4Q10 2009 2010
%NetRevenue
% Sales

14. G&A Expenses
(R$ million)
G&A Expenses / Contracted Sales %MRV (%)
and G&A Expenses / Net Revenue (%)
14
Operational and Financial
Performance
Productivity Index
... in 2010
• 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
4Q10
29.8
39.6
100.1
146.9
4Q09 4Q10 2009 2010
33.1%
46.7%
5.6%
4.6%
6.1%
4.9%
4.0%
3.4%
3.5% 3.9%
4Q09 4Q10 2009 2010
%Net Revenue
%Sales

15. 15
Debt Maturity Schedule
Loans and Financing and Net Debt
Operational and Financial
Performance
Net Debt
4Q10
169.6
99.8
418.0
498.1
374.9
265.8
106.3 6.8
12 months 13 to 24 months 25 to 36 months Over 37months
Debenture Loans - Financing
(R$ million) dec/10 dec/09 Var. %
Total debt 1,939.3 786.5 146.6% ↑
(-) Cash and cash equivalents and Securities (1,167.0) (714.0) 63.4% ↑
Net Debt 772.4 72.5 965.4% ↑
Net Debt / Shareholder's Equity 26.9% 3.0% 23.8 p.p. ↑
Net Debt / EBITDA 0.97 0.16 488.3% ↑
dec/10 sep/10
Working capital – CDI 1,145.6 1,130.6
Debentures - 1st Issuance - 1st series 06/15/2013 CDI + 1.5% p.a. 272.9 280.9
Debentures - 1st Issuance - 2nd series 06/15/2013 IPCA + 10.8% p.a. 34.3 32.7
Debentures - 2nd Issuance 05/25/2011 CDI + 3.7% p.a. 40.6 60.8
Debentures - 3rd Issuance 2/1/2014 CDI + 1.6% p.a. 542.2 526.6
Working capital – CDI 10/04/2010 to 08/09/2013 CDI + 1.02% to 2.18% p.a. 255.6 229.7
Construction Finance - TR 782.4 453.1
Debentures - 4th Issuance 12/1/2015 TR + 8.25% to 10.25% p.a. 300.6 -
Construction Finance 10/06/2011 to 11/30/2013 TR + 8% to 12% p.a. 481.8 453.1
Others 11.3 8.1
Others 16.5 13.7
Expenses from debenture's issuance (5.2) (5.6)
Total 1,939.3 1,591.8
Balance Due
(R$ million) Maturity Charges

16. 16
Disclaimer
Earnings
Release 4Q10
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.
The EBITDA, in this report, represents the net income before income tax and social contribution, net financial result, financial charges recorded under cost
of goods sold, depreciation, amortization and minority interest. MRV believes that the reversion of the adjustment to present value of receivables from
units sold and not yet delivered that is recorded as gross operating revenue is part of our operating activities and therefore we do not exclude these
revenues from EBITDA’s calculation. EBITDA is not a Brazilian GAAP and IFRS measure and should not be considered in isolation and should not be
considered an alternative to net income, as an indicator of our operating performance or cash flows or as a measure of our liquidity. EBITDA does not have
a standard definition and other companies may measure their EBITDA in a different way.
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.

17. Leonardo Corrêa
Chief Financial Officer
Mônica Simão
Chief Investor Relations Officer
Ph.: +55 (31) 3348-7150
E-mail: ri@mrv.com.br
www.mrv.com.br/ri
17
Contacts
Earnings
Release 4Q10