MRV reported strong financial results for the third quarter of 2009. Cash from operating activities was R$22.8 million, compared to negative R$115.6 million in the previous quarters. Contracted sales increased 85.8% to R$789.4 million, while margins expanded across revenue, EBITDA, and net income. The company also increased its guidance for full-year 2009 contracted sales to between R$2.8-3 billion.

1. Earnings Release 3Q09
November 16, 2009

2. Comments
2
Rubens Menin
Earnings
Release 3Q09

3. 3
Highlights of the Quarter
Earnings
Release 3Q09
Cash provided by operating activities: R$22,8 million in 3Q09
Largest operator of MCMV and largest partner of CEF in the
sector
Growth with outstanding margins
Increase in volume of stock negotiation – MRVE3

4. 4
Cash provided from operating activities : R$22,8 million in 3Q09
• Short operational cycle
• Credito Associativo / CEF
Statement of Cash Flow Caixa
(R$ million)
3Q09 2Q09 1Q09
Cash flow from operating activities 22,8 (115,6) (115,6)
Cash flow from investing activities (3,5) (8,4) (8,4)
Cash flow from financing activities 74,8 576,3 576,3
Increase in cash and cash equivalents 94,0 452,2 452,2
Earnings
Release 3Q09

5. “Minha Casa, Minha vida” and CEF: Largest operator of MCMV and largest
partner of CEF in the sector
5
... share MRV at CEF in nº of
contractsde under analysis (until 31/out)
... share MRV at CEF in nº of contracts
signed (until 31/out)
Largest operator of MCMV:
 R$1,3 billion of contracted sales in 9M09 eligible for the
program
Of total units signed by CEF in the program, 12% were MRV 10%
12%
Earnings
Release 3Q09
1,426 4,339 4,719
2,726
1,426
5,765
10,484
13,210
1Q09 2Q09 3Q09 Oct-09
Units contracted with CEF Year-to-date

6. 6
Growth with outstanding margins: Expansion of all margins in relation to 2Q09
3Q09
Net Operating Revenue ( R$ million) Gross Profit (R$ million) e Gross Margin (%)
EBITDA (em R$ milhões) e EBITDA Margin(%) Net Revenue (R$ million) e Net Margin (%)
389.6
449.9
2Q09 3Q09
NetOperating Revenue- R$'mm
15.5%
128.8
162.3
33.1%
36.1%
2Q09 3Q09
Gross profit- R$'mm Gross Margin
26.0%
97.5
125.725.0%
27.9%
15,0%
17,0%
19,0%
21,0%
23,0%
25,0%
27,0%
29,0%
2Q09 3Q09
EBITDA- R$'mm EBITDAMargin
28.9%
73.9
102.6
19.0%
22.8%
2Q09 3Q09
NetIncome - R$'mm NetMargin
38.8%
Earnings
Release

7. 7
MRVE3: increase in volume of traded shares
3Q09
Average Daily Trading Volume - MRVE3
(R$ million)
6.5
5.0
10.9
16.6
22.8
30.2 30.9
25.0
33.1
34.0
Jan/09 Feb/09 Mar/09 Apr/09 May/09 Jun/09 Jul/09 Aug/09 Sep/09 Oct/09
Earnings
Release

8. Construction capacity
8
3Q09
192 construction sites with wide geographic coverage
Average of 171 units per construction site
More than 11.000 employees (direct and indirect)
88
128
171
dez/07 dez/08 set-08
# of units per construction site
Earnings
Release

9. 9
Operational and Financial Performance
Land bank
Launches
Contracted Sales
Inventory at market value
Productivity Indicators
Loans and Financing and Net Debt
Unearned Results
Guidance
Operational and Financial
Performance 3Q09

10. ... by Financing Source in Oct/09
% of swaps / total land bank% of land acquisition cost/ PSV
... on October 30, 2009:
• Land bank of R$11,095.7 million
• 110,372 potential units
• Average price of R$100.5 thousand
(focus on lower-income segment)
• Average of 385 units per project
10
Land bank (%MRV)
Cost
8%
Operational and Financial
Performance 3Q09
MinhaCasa,
MinhaVida
71%
SFH - SBPE
29%
Swap
39%

11. ... in 3Q09:
• Launches of 33 new projects
• PSV of R$650.8 million with 6,048 units
• 84% of units launched eligible for “Minha Casa, Minha Vida”
11
Launches (%MRV): R$614.0 million in 3Q09
Below
R$80,000
8%
From R$80,001
to R$130,000
71%
Over
R$130,000
20%
... by Price Range in 3Q09
... by Financing Source in 3Q09
SFH - FGTS
84% SFH - SBPE
16%
Operational and Financial
Performance 3Q09
1,996.8
1,533.4
507.5
650.8
9M08 9M09 3Q08 3Q09
28.2%
-23.2%

12. ... in 3Q09:
• Total of R$789,4 million in contracted sales
• 7.521 units sold
• Average sales speed of 20% per month
• Sales distributed between 54 cities and 14 states
12
Contracted Sales (%MRV): R$789,4 million in 3Q09
SFH - FGTS
59%
SFH - SBPE
41%
... by Price Range in 3Q09
... by Financing Source in 3Q09
Below
R$80,000
12%
From R$80,001
to R$130,000
65%
Over
R$130,000
23%
Operational and Financial
Performance 3Q09
1,245.8
2,070.9
424.9
789.4
9M08 9M09 3Q08 3Q09
66.2%
85.8%

13. 13
Inventory at Market Value as of 06/30/09 = R$ 1.2 billion
Inventory at Market Value (%MRV)
Inventory distribution of units for sale
as of Sep/30/09 per construction phase
Inventory distribution of units for sale
as of Sep/30/09 per source of funds
Minha Casa,
Minha Vida
49%
SFH - SBPE
51%
Operational and Financial
Performance 3Q09
Constructionnot
initiated
36%
UnderConstruction
60%
Finished
4%

14. 14
Productivity Indicators
Selling Expenses
(R$ million)
Selling Expenses/ Net Revenue (%)
and Selling Expenses / Contracted Sales (%)
Operational and Financial
Performance 3Q09
68.9
73.4
20.5
25.6
9M08 9M09 3Q08 3Q09
6.5%
24.8%
8.7%
6.6% 6.3%
5.7%
5.5%
3.5%
4.8%
3.2%
9M08 9M09 3Q08 3Q09
% Net Revenue
% Sales

15. 15
Productivity Indicators
G&A Expenses
(R$ million)
G&AExpenses/ Net Revenue (%)
and G&A Expenses / Contracted Sales (%)
Operational and Financial
Performance 3Q09
63.7
70.3
23.6
27.2
9M08 9M09 3Q08 3Q09
10.5%
14.9%
8.0%
6.3%
7.3%
6.0%
5.1%
3.4%
5.6%
3.4%
9M08 9M09 3Q08 3Q09
% Net Revenue
% Sales

16. 246.3
209.0
180.9
114.0
12 months 13 to 24 months 25 to 36 months Over37 months
16
Debt Aging
Loans and Financing and Net Debt
Loans and Financing Breakdown
Net Debt
Operational and Financial
Performance 3Q09
(R$ million) Sep/09 Jun/09 Chg. %
Total debt 750.1 666.9 12.5% ↑
(-) Cash and cash equivalents (767.5) (673.2) 14.0% ↑
Net Debt (17.3) (6.3) 176.1% ↑
Shareholder's Equity 2,352.6 2,186.3 7.6% ↑
Net Debt / Shareholder's Equity -0.7% -0.3% 0.4 p.p. ↓
(R$ million) Sep/09 Jun/09 Chg. %
Debentures (1st Issuance) 310.9 404.2 23.1% ↓
Debentures (2nd Issuance) 101.2 - -
Construction Financing 289.6 222.3 30.3% ↑
Others 53.2 45.1 18.0% ↑
Total debt 754.9 671.6 12.4% ↑
Expenses from debenture's issuance (4.8) (4.7) 1.7% ↑
Total Debt (Net of Fees) 750.1 666.9 12.5% ↑

17. 17
Unearned Results
Operational and Financial
Performance 3Q09
(R$ million) Sep/09 Jun/09 Chg. %
Unearned Sales Revenues 2,052.2 1,422.0 44.3% ↑
Unearned Costs or Units Sold (1,134.2) (768.7) 47.5% ↑
Unearned Results 918.0 653.3 40.5% ↑
Unearned Results Margin 44.7% 45.9% 1.2 p.p. ↓

18. 18
Guidance 2009 / 2010
Previous Revised
Contracted Sales (%MRV) - R$ mm 2,400 ~ 2,900 2,800 ~ 3,000 3,700 ~ 4,300
2009
2010
Operational and Financial
Performance 3Q09

19. 19
Disclaimer
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.
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.
Earnings
Release 3Q09

20. Leonardo Corrêa
Executive Vice President, CFO and Investor Relations Officer
Mônica Simão
Financial Director
Tel.: (+ 55 31) 3348-7150
E-mail: ri@mrv.com.br
www.mrv.com.br/ri
20
Contacts
Earnings
Release 3Q09