1. MRV provides a corporate presentation covering its operational and financial results for April 2017. 2. The presentation shows consistent growth in key metrics such as landbank, launches, pre-sales, revenue and earnings over several years from 2006 to 2016. 3. MRV has expanded its geographic footprint from 28 cities in 2006 to 145 cities currently, while maintaining operational efficiency through scale, standardization and cost control.

1. CORPORATE PRESENTATION
April 2017

2. Disclaimer
2
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.

3. Summary
1. Company Overview............................................................................................................................................... 4
2. Consistent Results ……….......................................................................................................................................16
Operational................................................................................................................................................................. 17
Financial ..................................................................................................................................................................... 25
3. Market Opportunities & Company’s Strategy....................................................................................................... 37
4. MCMV ................................................................................................................................................................ 42
5. Brazilian Economy / Homebuilding Industry ....................................................................................................... 48
6. Business Areas.................................................................................................................................................... 59
7. Sustainability ..................................................................................................................................................... 70
8. Management...................................................................................................................................................... 81
9. Financials ........................................................................................................................................................... 84
10. Subsidiaries
LOG CP ....................................................................................................................................................................... 88
URBAMAIS ............................................................................................................................................................... 112
3

4. COMPANY OVERVIEW

5. Shareholders’ Structure
Free float represents
62% of shareholders’ equity.
444,139,684 common shares
* December 31, 2016
“Novo Mercado”,
the highest level of Corporate Governance
BM&FBovespa Novo Mercado : MRVE3
ADR OTCQX : MRVNY
MRVNY
Cusip code 553479106
ISIN code US5534791067
5
Daily average of negotiation in 4Q16 –
R$27.3 million
Rubens Menin T.
de Souza 35.3%
Executives and
Board Members
2.3%
Treasury Shares
0.6%
Orbis Investment
Management
Limited 11.6%
Prudential Plc.
5.0%
Other
Shareholders;
50.2%

6. 37 years of success
6
3.000 units per year 25.000 units per year 40.000 units per year
ADRs Level1
MRV
Foundation
Beginning of
relationship
Beginning of
Geographic
diversification
Enactment of
Correspondent
of Trust by
Financial
Institutions
Banks take over
housing credits
Private Equity
IPO
1st Negotiation
Correspondent
MRV LOG
Foundation
Equity Follow-On
MCMV 1
MCMV 2
MCMV 3
ADRs Level1

7. Business, Mission, Vision and Values
BUSINESS
Development, construction and housing sales.
MISSION
Make the home ownership dream possible by offering houses with the best cost-benefit ratio for clients.
VISION
Be the best company in the development, construction and sales of low-income housing projects in Brazil.
VALUES
7

8. Organizational Structure
Board of Directors
7 members (4 independents)
Chairman: Rubens Menin
Chief Executive
Officer
Rafael Menin
Chief Administrative
and SSC Officer
Júnia Galvão
Chief Financial and
Investor Relations
Officer
Leonardo Corrêa
Chief Production
Officer
Homero Paiva
Chief Comercial
Officer
Eduardo Barretto
Chief Real Estate
Development Officer
Hudson Gonçalves
Chief Real Estate
Financing Officer
José Adib
Chief Executive
Officer
Eduardo Fischer
Chief Legal Officer
Maria Fernanda Maia
Investor Relations
and Financial
Planning Director
Ricardo Paixão
9
Directors
23
Managers
128
Chief Officers
Chief Officers Board
Director 8

9. Our products
9

10. from 31 to
35 years
20%
more than 35
years
26%
Up to 25
years
24%
from 26 to
30 years
30%
Single
77%
Married
14%
Others
9%
Source: CRM MRV – 31/03/2017
1) Minimum wage 2016: R$ 880,00
Most of our clients are
searching for their first
apartment.
Our Clients
Young clients:
60% is up to 30 years old.
10
High school -
concluded
46%Degree -
concluded
30%
Degree - not
concluded
14%
High school -
not
concluded
2%
Outros
8%
The majority of our clients
have at least completed high school degree.
Up to R$ 2,350
43%
from R$ 2,350
to R$ 3,600
17%
from R$ 3,600
to R$ 6,500
20%
from R$
3,600 to R$
6,500
16%
more than
R$ 6,500
4%

11. 1 or 2
inhabitants
38%
3 inhabitants
26%
4 inhabitants
21%
Over 5
inhabitants
15%
Cities where we operate
1: In 2014
2: In 2012
Education Degree1
Average household income1
Number of habitants per household2
Age Ranges1
Data from cities where MRV operates.
Source: Geofusion
11
Withoutinstructionto
incomplete highschool
62%
Complete highschool
to incomplete
graduation
25%
Complete
graduation
12%
Others
1%
Up to R$ 1,896
40%
From R$ 1,896 to
R$ 3,328
26%
From R$ 3,328
to R$ 6,490
19%
Over R$ 6,490
15%
Up to 19 years
28%
From 20 to 34 years
25%
From 35 to 59 years
34%
Over 60 years
13%

12. Our investments in urbanization and infrastructure
12

13. # of Cities x Gross Margin
Competitive Advantages and Market Potential
Note: *Information from Statistics and Information Center, from João Pinheiro Foundation.
MRV inhabitants x Landbank in PSV
1.5 million
(R$ 2.7 bi)
2.4 million
(R$ 4.7 bi)
11.5 million
(R$ 27.8 bi)
3.5 million
(R$ 5.6 bi)
Southeast
South
Middle-west
Northeast
Potential market penetration per month
13,719
MRV Actual
Performance
Additional
Potential
Total
Potential
Sales increment (0.72/1000 habitants)
Average sales / month (2016)
Nationwide Footprint
- Present in 22 States and Federal District
- 145 cities attended by the Company
10,704
3,015
28
7
12
15
17
11
1
9
6
11
36.6%
37.9%
35.1%
32.3%
31.1%
28.0%
26.4%
28.3%
30.2%
32.6%
2
2
2
2
2
3
3
3
3
3
4
0
5
10
15
20
25
30
35
40
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
79 cities 38 cities
13

14. Operational Efficiency: focus on processes
14
6
Sales
Quality in
prospecting land
bank
9 directors with
average of 16
years at MRV
Chanel Effectiveness
- 4,772 brokers *
- 84% of sales through
the internal broker in
the 4Q16
Credit quality:
- Pre-screening process
Construction
- # of Employees: 18,782*
- 340 engineers*
- 204 sites
- Experienced Management
Scale and Margins
- Standardization: bargaining
power in supply chain
- Cost control per project
1,450 dedicated
professionals*
Simultaneous
Sales (SICAQ / SAC)
Shared
Services Center
MRV
One of the
lowest G&A cost
of the sector
IT Systems
(SAP, MRV Obras)
Net debt / Equity¹: 5.4%
Short cycle
One of the best S&P and
Fitch Ratings Corporate
Rates in the industry
(brAA- , stable outlook)
Note (1) Net Debt as of 12/31/2016.
* Team numbers are composed by own and outsourced employees.
As of Dec/16.

15. Organic Growth: metrics
Production Headcount2
Geographic Diversification (# cities) Construction sites in progress
Administrative Headcount1
15
(1) Team numbers are composed by own and outsourced employees. (2) Annual average employees’ number. Last update: June 30, 2016.
28
56
63
75
90
107
118 119
128
134
145
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
75
127
193 205
277
345 333
299
251
223
204
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

16. CONSISTENCY OF RESULTS

17. 17
Operational Results: Landbank – Real Estate Development
Landbank - %MRV (R$ billion)
Landbank - %MRV (Thousand units)
% of Swaps –
(% MRV Land acquired)
% cost of land / PSV
Dec/16
Geographical distribution
Dec/16 (R$)
Geographical distribution
of land bank
By Brazilian Region
Dec/16 (R$)
Reduced competition allows us to:
Maintain the % of Swap
Dilating installment
payments
OPTIMIZATION
OF CASH FLOW

18. Launches %MRV (units)
18
Operational Results: Launches
Launches - %MRV (R$ million)
Launches 4Q16
By financing source (units)
Launches 4Q16
By Geographic Distribution (R$)

19. Pre-sales* - %MRV (R$ million)
19
* Sales net of swaps and gross of cancellations.
Operational Results: Pre-sales
Pre-sales* - %MRV (units)
Pre-sales 4Q16
By financing source (units)
Pre-sales 4Q16
By Geographic Distribution (R$)

20. Pre – Sales (% MRV – R$ million)
20
Pre-sales per launching period
Sales over Supply
Sales over Supply = Pre-sales / (Beginning Inventory + Launches)
Pre-sales per launching period
Inventory Duration

21. Simultaneous Sales: benefits
MRV’s Credit Policy (up to 2013):
Simultaneous Sales (SICAQ/SAC):
The Project consists in the pre-approval of the client’s mortgage with the bank before recording the sale.
Benefits:
 Speed up the client transfer process to the bank and, as a consequence, the receivable cycle;
 Significant reduction in cancellation risk.
Flow chart and term until the client transfer:
21
Unit
reservation
Credit
Analysis
(MRV)
Pre-sale
Registration
Credit
Analysis
(Bank)
Mortgage
Approval
Mortgage
Granting
Unit
reservation
Credit
Analysis
(Bank)
Mortgage
Approval
Pre-sale
Registration
Mortgage
Granting
2012 2013 2014 2015
Credit Policy 12 9 6 7
Simultaneous Sales 1 1 1
Period (in months) between the sale record and transfer
As of 2016, all sales
were done through
the new process.

22. Operational Results
Cancellations (% MRV)
22

23. Operational Results
(in units)
Construction
Financing
100% (units)
Client
Financing
100% (units)
Finished
units
100% (units)
Built units
100% (units)
23

24. Balanced Operation
24Operational accumulated data since 2007 until the referred period.
Data 100%.
*Construction financing: contracted projects at financial institutions.

25. Financial Results
Net Revenue (in R$ million)
25
Proportional Consolidation CPC 19 IFRS 11
Gross Profit (R$ million) and Gross Margin (%)
CPC 19 IFRS 11Proportional Consolidation
140
400
1,111
1,648
3,021
4,015 3,804 3,871
4,186
4,763
4,294
0
1
2
3
4
5
6
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
50
146
421
578
977
1,247
1,066 1,021
1,184
1,439
1,387
35.3%
36.6%
37.9%
35.1%
32.3%
31.1%
28.0%
26.4%
28.3%
30.2%
32.6%
0
200
400
600
800
1,000
1,200
1,400
1,600
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

26. 84 98
147
201 215
244
259
280 289
5.4%
3.5% 3.9% 4.7% 5.4% 4.8% 4.3% 5.1% 5.5%
7.6% 5.9% 4.9% 5.0% 5.6% 6.3% 6.2% 5.9%
6.8%
-30.0%
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
2008 2009 2010 2011 2012 2013 2014 2015 2016
G&A Expenses
G&A Expenses / Pre-sales
G&A Expenses / Net Revenues 26
Sales Expenses (R$ million)
G&A Expenses (R$ million)
Proportional Consolidation CPC 19 IFRS 11
Proportional Consolidation CPC 19 IFRS 11
Financial Results
31 93 105
163
224
251 270
356
458
365
4.3% 6.0%
3.7% 4.3% 5.2%
6.3% 5.3% 5.9%
8.3% 9.2%
8.1% 8.4%
6.4%
5.4% 5.6% 6.6% 7.0%
8.5% 9.6% 11.5%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Sales Expenses
Sales Expenses / Pre-sales
Sales Expensas / Net Revenues

27. 27
Financial Results
Net Income (R$ million) and Net Margin (%)
EBITDA (R$ million) and EBITDA Margin(%)
Proportional Consolidation CPC 19 IFRS 11
Proportional Consolidation CPC 19 IFRS 11
2014 considers fair value gain of R$ 268 millions from LOG.
23
77
273
440
796
1,045
787
643
862
669 637
25.5%
19.3%
24.5%
26.7% 26.3% 26.0%
20.7%
16.6%
20.6%
14.0%
15.0%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
17
87
231
347
634
760
528
423
720
548 557
12.1%
21.8% 20.8% 21.1% 21.0%
18.9%
13.9%
10.9%
17.2%
11.5%
13.1%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

28. 15.7%14.8%
18.0%17.7%
10.7%
7.9%
12.5%
8.3% 7.8%8.2% 8.6%
10.5%
8.8%
2008 2009 2010 2011 2012 2013 2014* 2015 2016
21.8%20.8%21.1%21.0%
18.9%
13.9%
10.9%
17.2%
11.5%
13.1%12.3%
10.9%12.1%
13.5% 14.5%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
19.3%
24.5%
26.7%26.3%26.0%
20.7%
16.6%
20.6%
14.0%
15.0%
19.1%
16.6%15.5%
16.0% 16.3%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
36.6%
37.9%
35.1%
32.3%
31.1%
28.0%
26.4%
28.3%
30.2%
32.6%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
11.9%
15.8%
17.2%
23.8% 23.8%
14.5%
10.6%
16.7%
11.9% 11.1%
10.6% 11.8%
13.6%
12.2%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Profitability Indicators
(2007-2011: Proportional Consolidation / 2012-2016: CPC 19 IFRS 11)
28
Gross Margin
(including financial expenses)
EBITDA Margin Net Margin
ROE (p.a.)¹
ROIC (p.a.)
¹ Equity: average of the last 5 quarters.
EPS (R$)
Ex-equity income
0.055
0.567
0.779
1.316
1.578
1.104
0.891
1.570
1.240
1.263
0.890
1.100
1.457
1.393
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
2014 considers fair value gain of R$ 268 millions from LOG.

29. Cash Flow
MRV typical project and Financing mix
29
Evolution of Pre-sales by financing means (R$)
%MRV
MRV typical project

30. Cash Flow Assumptions
MRV typical project
30
MRV MODEL %PSV 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23
Operational Indicators
Construction Speed 11% 16% 18% 17% 15% 12% 8% 3%
Sales Speed 21% 13% 9% 9% 9% 9% 9% 9% 9% 1% 1% 0%
Cash Flow CEF + BB
Cash inflow 100.0% 0.6% 5.6% 5.6% 8.8% 12.5% 14.5% 14.1% 12.6% 12.3% 6.8% 2.4% 2.1% 0.9% 0.7% 0.5%
Taxes - PIS and COFINS 2.1% 0.0% 0.1% 0.1% 0.2% 0.3% 0.3% 0.3% 0.3% 0.3% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0%
Net Revenue 97.9% 0.6% 5.4% 5.5% 8.6% 12.3% 14.2% 13.8% 12.3% 12.0% 6.7% 2.3% 2.1% 0.9% 0.7% 0.5%
Financing inflow 18.2% 13.2% 2.3% 1.3% 0.7% 0.7%
Interest 1.9% 0.2% 0.3% 0.4% 0.4% 0.4% 0.2% 0.1% 0.0%
Financing amortization 18.2% 3.1% 7.9% 5.2% 1.9%
Land disbursement 4.4% 1.3% 1.3% 1.3% 0.4%
Production and public improvements 2.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2%
Construction disbursement 50.9% 0.0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 3.4% 7.4% 8.6% 8.6% 7.9% 6.5% 4.6% 2.2% 0.6% 0.6%
Result 35.6% -1.4% -1.4% -1.4% -0.5% -0.1% -0.1% -0.1% -0.1% -0.1% 1.5% -1.3% 0.1% 1.0% 5.6% 6.5% 7.0% 9.1% 5.7% 1.6% 2.0% 0.8% 0.6% 0.4%
Individual Cash Flow
Cash inflow 100.0% 0.3% 0.7% 0.9% 1.2% 1.4% 1.5% 1.6% 1.8% 1.8% 1.5% 55.5% 29.4% 1.2% 0.7% 0.5%
Taxes - PIS and COFINS 2.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.2% 0.6% 0.0% 0.0% 0.0%
Net Revenue 97.9% 0.3% 0.7% 0.9% 1.1% 1.3% 1.5% 1.6% 1.7% 1.8% 1.5% 54.3% 28.8% 1.2% 0.7% 0.5%
Financing inflow 51.6% 4.9% 5.8% 8.3% 10.3% 9.4% 6.6% 3.6% 2.6%
Interest 7.4% 0.1% 0.2% 0.4% 0.6% 0.8% 1.0% 1.1% 1.2% 1.2% 0.8%
Financing amortization 51.6% 51.6%
Land disbursement 4.6% 1.4% 1.4% 1.4% 0.5%
Production and public improvements 2.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2%
Construction disbursement 52.2% 0.0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 3.4% 7.6% 8.8% 8.8% 8.1% 6.7% 4.8% 2.3% 0.9% 0.3%
Result 26.8% -1.4% -1.4% -1.4% -0.5% -0.1% -0.1% -0.1% -0.1% -0.4% 1.6% -1.5% -0.2% 1.7% 1.5% 0.0% -1.0% 0.4% -0.9% 0.3% 28.1% 1.1% 0.6% 0.4%

31. Focus on Cash Flow
31
Important highlights
15 quarters of consecutive cash generation
Improvement in CEF’s and BB’s processes and systems
Growth in the number of built units contributes to the higher cash generation.
Efficiency of the new sales process “Vendas Simultâneas”
Built Units and Client Financing
100% ( units)
*Cash Generation: ∆ net debt + adjustments
4 years of recurrent cash generation

32. 151
724
1,198
1,127
1,539
1,689
1,372
1,596
1,764
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2008 2009 2010 2011 2012 2013 2014 2015 2016
265
441
796
1,045
787
643
862
669 637
104%
14%
93%
148%
211%
207% 131%
78% 46%
2008 2009 2010 2011 2012 2013 2014* 2015 2016
Cash Generation
(2006-2011: Proportional Consolidation/ 2012-2016: CPC 19 IFRS11)
32
Net debt (R$ million) and
Net debt / equity ratio(%)
EBITDA (R$ million) and
Net debt / EBITDA LTM*
Debt Repayment Schedule 1
(R$ million)
1)AsofDecember31,2016.
*Includeleases.
* 2014
considers fair
value gain of
R$ 268 million
from LOG.
Duration: 17 months1
Cash position
(R$ million)
276
63
741
1,550
1,663
1,329
1,130
525
293
16.9%
2.5%
24.3%
42.2%
40.7%
30.4%
24.2% 10.4%
5.4%
2008 2009 2010 2011 2012 2013 2014 2015 2016

33. Share Buyback Program
33
Since 2014:
36,784,500 shares were repurchased
R$ 267.7 millions of Financial Volume
39,081,659 shares were cancelled
Buyback average price (since 2014):
R$ 7.28
Book Value1:
R$ 12.2427
Discount of 59.5%
1 As of December 31, 2016.
# of Shares Eligible Dividends
Term 06/02/2016
Status Active
Approved Quantity 12,000,000
Share Buyback Plan - Plan VI

34. Debt details and Financial Covenants
Covenant
brAA- AA-(br)
34
Corporate Rating
Net Debt + Properties payable___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Net Equity
< 0.65
Receivables + Unearned Revenue + Inventories_________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Net Debt + Properties payable + Unearned Cost
> 1.6
Covenants: 1Q08 to 4Q12 – Proportional consolidation; 1Q13 to 4Q16 – CPC 19 – IFRS 11.
Note: “Net Debt” excludes SFH financing. “Properties payable” excludes land part relative to swap
Total Debt
(R$ million)
Balance Due
Dec/16
Balance Due
/ Total (%)
CDI 1,139 49.2% CDI + 1.4%
TR 1,156 50.0% TR + 9.0%
Others (fixed rate) 18 0.8% 5.0%
Total 2,314 100.0% 13.11%
Average Cost

35. Shareholders’ base by region
% Free Float
MRV Shareholders base
35Source: MRV
*Annual shareholders' base average; Last update: February 28, 2017.

36. Analysts Estimates – Consensus
36Institutions: Bradesco, BTG Pactual, Citi, Credit Suisse, Goldman Sachs, Itaú, JP Morgan, Bank of America Merril Lynch, Morgan Stanley, Santander, e Banco do Brasil.

37. Market Opportunities
&
Company’s Strategy

38. Housing Sector – Launches and Pre-Sales
38
Launches x Pre-Sales
(R$ billion – %company)
2012 shows activity decelerationAccrued INCC
2008 to 2016:
59.2%
Nominal Values Real Value
Source: Company reports – MRV, Cyrela, Gafisa, Tenda,PDG, Rossi, Brookfield (up to 9M14), CCDI (up to 2011), Viver, Even, Rodobens, Trisul, Tecnisa, Direcional, Eztec, Helbor, JHSF, João Fortes, CR2.
Note: 2016 considers the period from January to December.

39. Housing Sector – Inventory
39
Source: Company reports – MRV, Cyrela, Gafisa, Tenda, PDG, Rossi, Brookfield (up to 9M14), CCDI (up to 2011), Viver, Even, Rodobens, Trisul, Tecnisa, Direcional, Eztec, Helbor, JHSF, João Fortes, CR2.
Due to the slow down of launches in the last years, the real estate market is focused on inventory sales.
In 2016 the sector’s inventory reduced 27.2% (Real Value)
Inventories
(R$ billion – %company)
Nominal Values Real Value
Accrued INCC
2008 to 2016:
59.2%

40. Other
Companies
62% Other
Companies
43%
Other
Companies
37%
Other
Companies
16%
Other
Companies
30%
Other
Companies
27%
Other
Companies
41%
MRV
38% MRV
57%
MRV
63% MRV
84%
MRV
70%
MRV
73%
MRV
59%
2010 2011 2012 2013 2014 2015 2016
Reduced Competition in the Low Income Segment
40
Launches eligible to MCMV
(R$ billion) (Groups II and III)
Note: The data are estimated and based on the listed Companies’ earnings releases.
Source: Company reports – MRV, Cyrela, Gafisa, Tenda, PDG, Rossi, Brookfield (up to 9M14), CCDI (up to 2011), Viver, Even, Rodobens, Trisul, Tecnisa, Direcional, Eztec, Helbor, JHSF, João Fortes, CR2.
Lower Competition in the MCMV Program
Change of % of launched units in MCMV
(Groups II and III)
• Other companies: Direcional, PDG, Gafisa, Tenda, Cyrela, Rodobens, Rossi,
Brookfield, CCDI, Even, Ez Tec, Tecnisa, Trisul, Viver and Helbor.
7.7
10.8
8.5
6.7
6.1
5.2 5.7
6.6
7.4
10.5
7.6
4.6
3.3
4.0
5.8
6.6
2009 2010 2011 2012 2013 2014 2015 2016
MCMV (Groups 1, 2 and 3) MCMV (Groups 2 and 3)

41. Financing Amortization Systems
* As of December 31, 2016.
92% of MRV’s sales are
made through PRICE
system*
41
Note:
Simulation of a new apartment acquisition in São Paulo / SP.
Source: Housing Simulator of Caixa Econômica Federal.
SAC – Constant Amortization System
Fixed monthly financing amortization and decreasing installments.
PRICE – Constant Installments
Increasing monthly financing amortization and constant installments.
* Average conditions observed in MRV’s sales.
Tenor: 360 months
PRICE
Family Income R$ 2,500
Loan to value 80%
Interest Rates 5.5%
Unit Price R$ 159,000
Subsidy* R$ 6,722
FGTS* R$ 5,300
Down Payment* R$ 3,180
MRV Installments* R$ 23,850
Financed value R$ 119,948
Banck first Installment R$ 708.37
Apartment price: R$ 159,000

42. MCMV

43. Programa Minha Casa Minha Vida
84% das vendas MRV são
realizadas pelo sistema
PRICE*
2
APRIL/09 TO DEC/10 JAN/11 TO DEC/15
¹ Included 350,000 units added on September 2014.
² Amounts refers to the units to be built in 2016
³ MCMV 1 and 2: Amounts referring to each program.
⁴ Details not yet released
2017-20182016
43

44. Minha Casa Minha Vida: Subsidies
2
SUBSIDIES
44
Group Monthly Income Metropolitan regions of SP, RJ, DF Other cities
Group 1
Up to R$ 1,800 Up to 90% Up to 90%
Up to R$ 2,350 47,500R$ Up to R$ 40,000
Up to R$ 2,600 15,835R$ Up to R$ 12,665
Group 2 Up to R$ 2,350 29,000R$ Up to R$ 27,420
Up to R$ 2,790 14,765R$ Up to R$ 11,810
Up to R$ 3,275 6,115R$ Up to R$ 4,895
Up to R$ 4,000 2,585R$ Up to R$ 2,535
Group 3 Up to R$ 7,000 -R$ -R$
Group 3 Plus Up to R$ 9,000 -R$ -R$
M CM V 3 - (2 0 1 7 -2 0 1 8 )
Group 1,5
Group Monthly Income Metropolitan regions of SP, RJ, DF Other cities
Group 1 Up to R$ 1,800 Up to 90% Up to 90%
Group 1,5 Up to R$ 2,350 45,000R$ Up to R$ 40,000
Up to R$ 2,350 27,500R$ Up to R$ 26,000
Up to R$ 2,790 14,000R$ Up to R$ 11,200
Up to R$ 3,275 5,800R$ Up to R$ 4,640
Up to R$ 3,600 2,450R$ Up to R$ 2,405
Group 3 Up to R$ 6,500 -R$ -R$
Group 2
M CM V 3 - (2 0 1 6 )
Group Monthly Income Metropolitan regions of SP, RJ, DF Other cities
Group 1
Up to R$ 1,600 Up to 95% Up to 95%
Group 1,5 - -R$ -R$
Up to R$ 2,325 25,000R$ 17,960R$
Up to R$ 2,790 10,783R$ 2,113R$
Up to R$ 3,275 2,113R$ 2,113R$
- -R$ -R$
Group 3 Up to R$ 5,000 -R$ -R$
Group 2
M CM V 2
2

45. Minha Casa Minha Vida: Units Price
Group 1,5:
Group 2 and 3:
Group 3 plus:
MCMV 3 – (2017 - 2018)MCMV 3 – (2016)
45
Regions DF, RJ e SP SUL, ES e MG CO NE e N
Capitals - Metropolitan areas 240,000 215,000 190,000 190,000
Other Capitals and metropolitan areas 230,000 190,000 180,000 180,000
Cities < 250 thousand habitants 180,000 170,000 165,000 160,000
Cities ≥ 50 thousand < 100 thousand habitants 145,000 140,000 135,000 130,000
Cities ≥ 20 thousand < 50 thousand habitants 110,000 105,000 105,000 100,000
Other cities 95,000 95,000 95,000 95,000
Regions DF, RJ e SP SUL, ES e MG CO NE e N
Capitals - Metropolitan areas 144,000 133,000 128,000 128,000
Other Capitals and metropolitan areas 133,000 128,000 122,000 122,000
Cities < 250 thousand habitants 122,000 117,000 112,000 106,000
Cities ≥ 50 thousand < 100 thousand habitants 106,000 101,000 96,000 90,000
Cities ≥ 20 thousand < 50 thousand habitants 85,000 80,000 80,000 74,000
Other cities 74,000 74,000 74,000 74,000
Regions DF, RJ e SP SUL, ES e MG CO NE e N
Capitals - Metropolitan areas 300,000 268,000 237,000 237,000
Other Capitals and metropolitan areas 287,000 237,000 225,000 225,000
Cities < 250 thousand habitants 225,000 212,000 206,000 200,000
Cities ≥ 50 thousand < 100 thousand habitants 181,000 175,000 168,000 162,000
Cities ≥ 20 thousand < 50 thousand habitants 137,000 131,000 131,000 125,000
Other cities 118,000 118,000 118,000 118,000
Regions DF, RJ e SP SUL, ES e MG CO NE e N
Capitals - Metropolitan areas 225,000 200,000 180,000 180,000
Other Capitals and metropolitan areas 215,000 180,000 170,000 170,000
Cities < 250 thousand habitants 170,000 160,000 155,000 150,000
Cities ≥ 50 thousand < 100 thousand habitants 135,000 130,000 125,000 120,000
Cities ≥ 20 thousand < 50 thousand habitants 105,000 100,000 100,000 95,000
Other cities 90,000 90,000 90,000 90,000
Regions DF, RJ e SP SUL, ES e MG CO NE e N
Capitals - Metropolitan areas 135,000 125,000 120,000 120,000
Other Capitals and metropolitan areas 125,000 120,000 115,000 115,000
Cities < 250 thousand habitants 115,000 110,000 105,000 100,000
Cities ≥ 50 thousand < 100 thousand habitants 100,000 95,000 90,000 85,000
Cities ≥ 20 thousand < 50 thousand habitants 80,000 75,000 75,000 70,000
Other cities 70,000 70,000 70,000 70,000

46. Resources invested in the program
2
 Group I – According to Ministry of Planning Budget (PAC)
 Group II – According to FGTS
• Until 2015: In Group II, subsidy has contribution of 17.5% from National Treasury and 82.5% from FGTS.
• After 2015: In Group II, National Treasury contribution is of 10% and of FGTS is 90%.
**MCMV3: investments estimated for 2015 to 2018
- FGTS has complementary subsidies (up to R$ 27,500 per unit) + Interest Rates subsidy.
- OGU: National General Budget
* The number of units to be contracted remains the same as that proposed at the beginning of the MCMV 3.
Source: http://www.cgu.gov.br/
46
Program Groups Family Income
Contracted
Units
Resources (R$ million) Family Income
Units up to
Ago./2015
Resources (R$
million)
Family Income
Units up to
Jan/2017
Resources (R$
million)
Family Income
Estimated
Units
Resources (R$
million)
Group 1 Up to R$1,395 482,741 R$ 17,999 (OGU) Up to R$ 1,600 1,226,605 R$ 63,158 (OGU) Up to R$ 1,800 53,748 R$ 1,976 Up to R$ 1,800 170,000
Group 1.5
From R$ 1,800 to
R$ 2,350
From R$ 1,800 to R$
2,600 80,000
Group 2
From R$ 1,395 to
R$ 2,790
375,764
R$ 2,047 (OGU) +
R$ 2,764 (Complement) +
R$ 2 (Interest Subsidy)
From R$ 1,600 to
R$ 3,275
1,213,341
R$ 5,037 (OGU) +
R$ 10,681
(Complement) + R$
7,822 (Subsidy)
From R$ 2,350 to
R$ 3,600
645,692 R$ 6,593 (FGTS)
From R$ 2,600 to R$
4,000
800,000 R$ 8,900 (FGTS)
Group 3
From R$ 2,790 to
R$ 4,650
146,623 -
From R$ 3,275 to
R$ 5,000
307,054 -
From R$ 3,600 to
R$ 6,500
113,930 -
From R$ 4,000 to R$
7,000
200,000 -
Group 3 Plus
-
From R$ 7,000 to R$
9,000
Not Available -
TOTAL 1,005,128 R$ 25,20 2,750,000 R$ 86,70 813,370 R$ 97,145 2,000,000* 97,145*
MCMV 1 (Apr/2009 - Dec/2010) MCMV 2 (Jan/2011 - Ago/2015) MCMV 3 (Jan/2017 - Dec/2018)**
Not available
MCMV 3 (Jan/2016 - Jan/2017)**

47. Minha Casa, Minha Vida
Minha Casa Minha Vida 1 (2009-2010)
Minha Casa Minha Vida 2 (2011- Nov/15)*
2
47
MRV leadership on the Government Program and good relationship with CEF
Source: Ministério das Cidades – 11/30/2015
Group I: monthly income up to R$1,600; Group II: monthly income from R$1,600 to R$3,275; Group III: monthly income from R$3,275 to R$5,000.
Total Contracts
(R$ million)
Nr of
Projects
Average
(R$ million)
MRV ENGENHARIA 6,553 519 12.6
DIRECIONAL ENGENHARIA 3,900 50 78.0
EMCCAMP 2,233 71 31.5
CURY CONSTRUTORA 1,900 60 31.7
SERTENGE SERVIÇOS 1,462 58 25.2
CONSTRUTORA TENDA 1,715 137 12.5
GRÁFICO ENGENHARIA 1,073 38 28.2
HF ENGENHARIA 934 28 33.3
CONSTRUTORA EMCASA 860 26 33.1
CANOPUS 846 46 18.4
BROOKFIELD 945 39 24.2
NOVOLAR 895 34 26.3
CASALTA CONSTRUÇÕES 779 56 13.9
AURORA CONSTRUTORA 651 44 14.8
AMORIMCOUTINHO 596 30 19.9
L MARQUEZZO 667 46 14.5
BAIRRO NOVO 669 35 19.1
JC GONTIJO 862 7 123.1
REALIZA 674 33 20.4
CCMCONSTRUTORA 682 22 31.0
Ranking MCMV
Source:MinistériodasCidades–Jul/2009toApr/14
Total MRV %
Contracted Units 1,005,128 50,384 5%
482,741 0 0%
522,387 50,384 10%
MCMV 1 (2009-2010)
Group I
Groups II and III
Total MRV %
Contracted Units 3,115,269 221,403 7%
1,242,745 3,180 0%
1,872,524 218,223 12%
Group I
Groups II and III
MCMV 2 (2011 - 11/30/2015)

48. Study from FGV: “Permanent Policies for Housing”
In 5 years of operation, the MCMV:
• Generated important results for the Brazilian economy.
• Contributed to reduce the housing deficit (- 8.04% from 2009 to 2012).
DEMAND FOR HOUSING
STATE POLICY - Challenges:
• Land price
• Allocation of areas for housing of social interest
• Work force qualification
• Improvement of the construction productivity
Source: http://blog.planalto.gov.br/minha-casa-minha-vida-contribuiu-para-reduzir-deficit-habitacional-no-brasil/
MCMV x Habitational Deficit
48
MCMV contributed to the reduction of housing deficit in Brazil

49. BRAZILIAN ECONOMY:
HOMEBUILDING INDUSTRY

50. Structural Demand
Growth, regardless of government program
Source: IBGE, January 2016.
Source: IBGE, 2013
50
17%
17%
18%
15%
13%
9%
6%
3%
1%
11%
13%
14%
15%
15%
13%
10%
6%
3%
0 a 9
10 a 19
20 a 29
30 a 39
40 a 49
50 a 59
60 a 69
70 a 79
80 +
2010 2030
Class A/B: Above 10 M.W.
Class C: 2 to 10 M.W.
Class D/E: up to 2 M.W.
M.W. – minimum wages: lowest monthly remuneration
that employers must legally pay to workers.
2016 M. W.: R$ 880.00
Families per
Income Level
Real Salary Growth
Population per Age Group
Source : IBGE, 2013
Smaller families = higher demand
Evolution of inhabitants per apartment
52%
38%
19%
16%
21%
21%
15%
19%
25%
12% 15%
22%
5% 7% 12%
1970 1991 2010
Five inhabitants Four inhabitants
Three inhabitants Two inhabitants
One inhabitant
4.0%
9.4% 10.1%
7.4%
1.8%
8.8%
3.8%
8.6%
-0.8%
2.5%
-9.6%-11.4%
ClassC
ClassC
ClassC
ClassC

51. Habitational demand and Credit Supply
Units (thousand) financed by FGTS + SPBE (Saving Accounts)
Housing Shortgage of 6.2 million of units in 2014
Source: Presentation, Dec/16
51
Source : CBIC – FGTS: Dec/16; SBPE: Dec/16
78
60
53
41
37
31
22
24
11
10
USA
Netherlands
Spain
France
Germany
South Africa
Italy
Chile
Mexico
Brazil
Real Estate Financing as % of GDP
Mortgage
Source : Industry Department of Construction of Fiesp - Feb/2016

52. SFH - Brazilian Housing Finance System
FUNDING
Employers deposit 8% of
the monthly salary of all
workers (Nov/16)
Source: Caixa
Balance of
R$ 502
billion
Borrowers may use the
account balance linked to the
FGTS for
Mortgage
Termination of work
Retirement
Others
12%
66%
14%
8%
Interest Rate from
5% to 9.16% a.a +
TR
Units up to:
R$ 300,000
sbpe
Deposits made on the
savings of commercial banks
Real Estate Credit
Legal Reserves
Free Resources
65%
30%
5%
SBPE Resources
Market Rate
Interest Rate from
9.75% 1 to 11% +TR
Units of R$300,000 to
R$950,000*
Borrowers can go to any bank and
apply for a real estate loan
according to their credit rating
Interest Rate from 12.252 % +TR
Units above:
R$950,000Notes:
1) If the client has a salary account in CEF the interest rate can reach 9.75%. In BB it can reach 9.65%+TR.
2) If the client has a salary account in the bank, the interest rate can reach 10.7%+TR.
3) 20% for compulsory deposit (remunerated by SELIC) and 10% for additional compulsory (corrected by TR)
* States of DF, MG, RJ, SP: R$ 950,000; other states: R$ 750,000.
3% per year+TR
52

53. FGTS
¹ Source up to 2011: PME Unemployment rate and source from 2012: PNAD due to its better sensibility and comprehensiveness.
Net Collection (billion)
From 2017 to 2020 the FGTS budget is R$ 254 billion to be
invested in Housing.
Obs: In 2007, retirement withdrawals increased significantly due to the spontaneous
retirement approval by Federal Supreme Court, reducing the net collection in the period.
Source: IBGE, CAGED e FGTS – Dec/16
Withdrawals (R$ billion)
Budget (R$ billion)
53
Breakdown 2017 2018 2019 2020
Housing 70.5 63.5 63.5 63.5
Basic Sanitation 7.0 9.5 9.75 9.75
Infrastructure 9.0 8.0 8.0 7.0
Others 0.5 0.5 0.5 0.5
TOTAL 87.0 81.5 81.75 80.75

54. Low impact from tighter Monetary Policy on mortgages
54
Assumptions:
Unit value: R$ 159,000
LTV: 80%
Income: R$ 2,500
Note : TR = Reference Rate for the Brazilian Housing Financing System and for the Savings Accounts. TR is a floating rate.
FGTS’s remuneration of 3%p.a.+ TR allows the low
interest rates on mortgages
Interest rates and Inflation
INCC = Construction Inflation Index
IPCA = Brazilian Official Inflation Rate
Source: IBGE, BCB, FGV – February 2017
20 % Income 30 % Income
4.50% 0.60% 5.10% 900.24 45.0% 776.72 38.8%
4.50% 1.21% 5.71% 900.45 45.0% 776.93 38.8%
4.50% 1.81% 6.31% 900.56 45.0% 777.04 38.9%
4.50% 2.43% 6.93% 900.73 45.0% 777.21 38.9%
* 13th Installment
RealInterest
Rate(%p.a)
Interest
Rate
Nominal
Rate
Monthly Installments (R$)*
FGTS
TR a.a.
Price
0%
5%
10%
15%
20%
25%
30%
TR 12M
IPCA 12M
SELIC 12M
INCC 12M

55. 2.0
0.4
2.0
2.9
5.5
1.1
0.4
1.7
1.4
7.0
1.6
1.2
2.0
1.7
6.4
1.8
2.4
1.6
2.7
5.3
1.6
2.4
1.8
3.0
5.2
Rural Corporate Housing Retail Housing BNDES Funding Microcredit
dec/11 dec/12 dec/13 dec/14 dec/15 dec/16 feb/17
Housing Credit
Credit Default of Economic Sectors
Source: BCB – February, 2017
55
39% of the Credit is destined to the Housing
Sector, which covers construction, renovation
or acquisition of residential units.
Housing Credit
(R$ billion)
99
154
222
298
395
502
572
606 610
Crescent destination of credit to housing sector which has one of the lowest credit default in the market.
Dec-07Dec-08Dec-09Dec-10Dec-11Dec-12Dec-13Dec-14Dec-15Dec-16Feb-17
Evolutionof credit protfolio
(R$ billion)
Retail Housing
Corporate Housing
BNDES Funding
Rural
Others
Microcredit
316
401
518
657
804
972
1,205
1,441
1,582 1,550 1,541

56. RET – Special Tax Regime
56
Source : RFB Regulatory Instruction n° 934; repealed by RFB Regulatory Instruction n° 1,435
RET
Special Taxation 6%
(up to 2012)
Special Taxation 4%
(as of 2013)
Special Taxation 1% Presumed Income Taxable Income
PIS / COFINS
Basis of calculation
Gross revenue received from
real estate activities
Gross revenue received from
real estate activities
Gross revenue received from
real estate activities
Gross revenue received from
real estate activities and
other revenues
Gross revenue received from
real estate activities and
other revenues
Rate 3.13% 2.08% 0.53% 3.65% 9.25%
IRPJ/CSLL
Basis of calculation
Gross revenue received from
real estate activities
Gross revenue received from
real estate activities
Gross revenue received from
real estate activities
Gross revenue received from
real estate activities
Adjusted net income. Gross
profit in the real estate is
taxed as received.
Rate 2.87% 1.92% 0.47% 3.08% 34.00%
TOTAL 6.00% 4.00% 1.00% 6.73%
Additional Comments
Taxation of project subject to
"Patrimônio de Afetação"
Taxation of project subject to
"Patrimônio de Afetação"
Taxation of project subject to
"Patrimônio de Afetação".
Only units up to R$100k and
elegible to MCMV are subject
to 1%. (Price increase from
R$85k to R$100k in December
2012)
-
Possibility to establish credit
on some costs. Credit
estimated at 3.75% of
revenue received
Other revenues are taxed by
the tax regime of the
developer
Other revenues are taxed by
the tax regime of the
developer
Other revenues are taxed by
the tax regime of the
developer
- -

57. Brazilian Economic Outlook
SELIC Rate and Inflation Rate (IPCA)
Data base: Fev/2017
Inflation Rate – IPCA
* Source: IBGE – Jul/16
57
GDP Growth (% yoy)
4.0%
6.0%
5.0%
-0.2%
7.6%
3.9%
1.8%
2.7%
0.1% -3.7% -3.5% 0.5%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Data base: Oct/2016.
Indexes 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Nominal GDP (R$ trillion) 2.369 2.661 3.032 3.185 3.675 4.158 4.403 5.332 5.779 6.001 6.266 n.d.
Real GDP Growth 4.0% 6.1% 5.2% -0.3% 7.5% 2.7% 0.9% 2.7% 0.1% -3.7% -3.5% 0.5%
Unemployment rate (YTD) 10.0% 9.3% 7.9% 8.1% 6.7% 6.1% 5.5% 5.4% 6.8% 9.0% 12.0% 13.2%
Bank Credit (% GDP) 30.7% 33.4% 40.8% 44.4% 46.4% 50.2% 54.2% 56.1% 58.0% 53.8% 51.1% 52.7%
Inflation (IPCA) 3.1% 4.5% 5.9% 4.3% 5.9% 6.5% 5.8% 5.7% 6.4% 10.7% 6.3% 4.8%
Nominal Interest Rate - TR 2.0% 1.4% 1.6% 0.7% 0.7% 1.2% 0.3% 0.2% 0.9% 1.8% 2.0% 0.4%
INCC (Construction inflation) 5.0% 6.2% 11.9% 3.3% 7.8% 7.5% 7.1% 8.1% 6.9% 7.5% 6.1% 6.2%
Average Central Bank Target Rate (Selic) 15.3% 12.0% 12.4% 10.0% 9.8% 11.7% 8.5% 8.4% 11.0% 15.4% 14.2% 10.4%
Source: IBGE-Mar/2017; BCB -Mar/2017; FGV e CMN -Mar/2017
*Estimates : BCB -Focus Report -March 31, 2017

58. 58
Brazilian Economic Outlook
Composition of Bovespa index, by Weight(1)
Note:
(1) Source: BM&F Bovespa (May - Aug 2017)
(2) Source: IBGE (excl. taxes, considering GDP Jan/16-Dec/16)
Composition of Brazilian GDP, by Sector(2)
A misconception about the Brazilian economy is that its performance is heavily dependent on global commodity markets.
The statement is correct for the stock market, but not for the real economy.
1%
6%
3%
11%
73%
6%
Ind. - Commodities
Ind. - Utilities
Ind. - Real Estate
Ind. - Manufacturing
Services
Agribusiness
9%
5%
3%
16%
67%
Commodities
Utilities
Construction
Industry
Services

59. BUSINESS AREAS

60. Corporate Governance – Committees
60
Risks and Compliance Committee
• Evaluate and to monitor Company‘s risk exposures, monitoring and supervising the risk management process.
• Comprised of Chairman, two Chief Executive Officers and two Chief Officers.
Governance, Ethics and Sustainability Committee
• Ensure and to disseminate the Company‘s commitment to management based on the pillars of corporate governance, sustainability and corporate ethics
• Comprised of Chairman, two Chief Executive Officers and two Chief Officers.
Human Resources Committee
• Evaluate and to propose improvements to people development, training, remuneration, benefits, incentives and talents retention methods
• Comprised of Chairman, two Chief Executive Officers, one Chief Officer and one Board of Directors member.
Commercial and Credit Committee
• Define the commercial and real estate financing strategy of the Company, composed, among others, sales mix, pricing, team profile, market agents mix, etc.
• Comprised of Chairman, two Chief Executive Officers, three Chief Officers and one Director.
Real Estate Development Committee
• Define strategies of geographical expansion of the Company’s activities and land acquisitions.
• Comprised of Chairman, two Chief Executive Officers and one Chief Officer.
Production Committee
• Ensure the correct production planning and control, evaluating the several elements that need to be managed and their respective impacts, so the Company’s goals can be reached.
• Comprised of Chairman, two Chief Executive Officers and one Chief Officer.
Juridical Committee
• Establish the Company’s legal strategy in relation to main causes and mass litigation
• Establish the fiscal planning strategy;
Communication Committee
• Establish the Company’s communication strategy with the stakeholders;
• Interact with communication outlets in general;

61. Pricing
24%
Location
23%
Payment
Conditions
19%
Security
10%
Confidencein
Homebuilder
9%
Materials quality
7%
Others
9%
Development Strategy
What are our clients looking for?
61
Market research and
analysis
Demography,
Income,
Expectations, etc
- Land acquisition
- Development phase
- Sales strategy
Client oriented strategy
Source : Research with MRV’s Clients – Data Popular - 2011

62. Landbank and Project location
Cuiabá, MT – 912 units Valparaíso de Goiás, GO – 2,256 units
Recife, PE – 860 units Taguatinga, DF – 2,748 units
62

63. Production: New Technologies
Hydraulic Kit
Reduced workforce
Less generated waste
Greater production rationalization
Better site organization
Standardized projects
Higher speed of production
Strategic team of equipment
Simplification of projects
Economically viable
Greater environmental sustainability
Increased work security
Standardization, Mechanization
and Intelligent Processes
Concrete
Prefabricated and
standardized door
Aluminum Forms Hoisted Slab
63

64. 0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
MRV Other Homebuilders (average)
Sales Channels
* Períod: June 2016
Sales Channels
Força de Vendas
Website visits
64
 85,6 million of Brazilians with internet access.
 56% of C Class has internet access
Source: Portal EBC (Apr/2015) and L3CRM (Aug/2015)
Source : Similar Web, Mar 2017
Other companies: Rossi, Gafisa, PDG, Tenda, Living, Tecnisa, Even, Direcional, Brookfield, Cury, Helbor, Eztec
Sales Force

65. • R$ 4.5 Billion in payments in 2016
• 55.8 thousand Invoices received
in December 2016.
• 20.5 thousand Employees paid
per month
• 260 Employees
SSC – Shared Service
Center
• + 5 million views of
#MeuMundoMelhor videos.
• + 1.4 million accesses to the
Relationship Portal in 2015
• + 54 thousand estimated calls
answered in 2015
• 166 thousand active clients
• R$ 400 million collected per month
• + 3,000 current accounts
reconciled per month
• + 3,000 new registered contracts
per month
• 218 employees
• R$ 80 million of investment in IT (5 years)
• +5.5 thousand work stations
• 33 million of scanned documents since
2010
• +300 tablets in work sites
Administrative Structure
Lower
G&A/Net
Revenue in
the sector
Client Relationship
and Internal
Communication
Information of
Technology
Specialized Services
65

66. 66
SSC – Shared Service Center
• 285 employees
• Lower Operating Cost
• Qualified workers
• Optimized workspace
• Work in shifts
124 Thousand payment per month. 34 payments per minute.
Total transactions of 1 billion reais per month
89% of payment through account credit
14,257 payroll managed
Material Facts - SSC
Administrative
Process of 56 Thousand invoices per month
Management of 3,000 mobile accounts
Enter of 3,800 invoices per month
Management of 1,000 travel request per month
200 rented vehicles
4,800 monthly processed documents
Invoices Centre
Accounts Payable
Personal Department
Social Responsibility
30,967 Released units in 2014
250 new contracts per month
Data-base: March/16
Volume of processed invoices
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 Mar16 Jan17 Feb17 Mar17
Note: does not include Prime and MRL
Source: SAP
2,414 new registered contracts per month

67. Resolved demands on 1st contact
91.92%
2016
Relationship Portal
General Accesses:
1,459,545
2016
54,836
Number of
Answered
Calls
Monthly Average –
March 2016
Costumer Service
“Conexão MRV”
+178,000
Views of the videos
“Conexão MRV”
#MeuMundoMelhor
+5,000,000
Views of the videos
#MeuMundoMelhor
Complaints:
0.32%*
Year 2016
MRV in Midias
361,186 followers in Twitter
607,601 followers in Google +
3 million of Facebook fans
*Number of complaints over total clients (5 years) – Annual view
Client Relationship
67
Client Access:
67,246
Monthly Average of Single
Calls

68. Information Technology
• Mobility: Technical Assistance, Keys delivery, Client APP.
• Automatization of sales force: WEB Commercial System WEB integrated to the
BackOffice.
• Social Media: Monitoring and collaboration (PODIO).
• GED and BPM: Automatization of processes and paper elimination.
MANAGEMENT PRACTICES
• Prioritization of projects focused in return for the business.
• Fast development, along with the speed of delivery and
strategy.
• DATACENTER structure (internal and active) guaranteeing the security of the
information, the performance and availability of the systems.
SECURITY AND CONTINUITY OF BUSINESS
• Global Integrated Systems: SAP, MICROSOFT, ORACLE and IBM
• Internal development to increase competitive advantages: MRVObras,
MRVComercial, MRVCrédito and MRVDI
INTEGRATED MULTIPLATAFORM SOLUTION
RECOGNITION
68
2013 – Winner in Construction
and Engineering category.
2012 – Winner in Construction and
Materials category.

69. Production Team
 Approximately 18 thousand people dedicated to Production
 Employees on a leadership position (directors, managers and
coordinators) have been working in the company for an average of 9 years.
 At this time, we have 204 sites under construction, located in the following
areas:
Northeast 29 (14.2%)
Middle-west
11 (5.4%)
South 32 (15.7%)
Southeast 132 (64.7%)
10
Director
24 Managers
55 Coordinators
340 Engineers
439 Engineering Auxiliary and
Building Technicians
465 interns
18,782 in other positions, being 9,903 MRV
employees and 8,879 third part employees.
Data-base: Dec/2016
Data-base: Feb/2017 69

70. SUSTAINABILITY

71. Social Investment
Education
Health
Urbanization
Environment
2011 2012
11.9 6.8
3.2 4.7
49.3 83.0
1.1 2.8
R$ million
2013
0.2
2.4
80.0
10.6
2014
1.3
0.0
88.2
13.9
2015
1.7
0.2
110.7
15.8
71
2016
3.4
1.6
167.7
19.6

72. Work Safety and Health
PODIO
72
Frequent inspections, with photographic report and integrated electronic record
MRV uses the corporate social networking Pódio for the registration and follow-up of construction sites and its accommodations, where it has
employees and service providers.
All inspections are available online for research, consultation and follow-up.

73. 73
Work Safety, Health and Literacy
Contractors admission follows a Standard Operating Procedure
requiring complete legal documents from contractors.
Security Dialogue
Continuous employee training
Continuous improvement
29 literacy/training schools in operation at MRV’s
construction sites, with more than 3,200 students.
Since 2012, we already maintained more than 134 schools.
MRV Production Schools → Qualification of Labor Force
Training Courses
Education Site
Literacy Course
Campaigns
Vaccination
Oral health
Tuberculosis Prevention

74. Work Safety and Health
74
OSHAS 18001 Certificate –
Occupational Health and Safety
Consists on a management system that the certified
company should follow guidelines regarding to
occupational health and safety procedures
MRV joined in 2012 and is the only company of lightweight
construction in the country to join the National Commitment and is
the leader in number of building sites included in the project

75. Social Responsibility
Website: http://www.institutomrv.com.br/
75
Officially launched in December 2014, MRV Institute is focused on investing in projects and works
aiming education, health, safety at work, professional training, culture and leisure, always seeking
for the well-being of all stakeholders.
Sponsorship for Criança Esperança Project, in Belo Horizonte.
Project MRV Vida implementation, intended to promote social-environmental
responsibility actions in the cities where MRV operates.
Volunteer group development, aiming to promote the engagement of employees in
social causes.
Sponsorship for Minas pela Paz Institute.
Sponsorship for Junior Achievement: non-profit educational association that seeks to
promote an entrepreneurial spirit in young people.
Escola Nota 10 Program.

76. Environment
More than 758 thousands of trees were planted since 2010*
*In Mar/2017
76
IS0 14001 - Environmental Management
Certified companies should develop
and control procedures for relevant
issues in the environmental area

77. Environmental –Certification Seal
The construction sites shall follow specifically items to be
certified
77
Certifications “Selo + Verde” and “Obra Verde MRV”
Our constructions sites certifications have the following purposes:
Standardize and monitor the execution of sustainable actions at construction sites;
Increase the clients' satisfaction;
Be a homebuilder company recognized as sustainable.

78. 78
Environmental –Certification Seal
Required items for certification
 Surrounds improvements
 Landscaping
 Specific place for selective collection
 Leisure, social and sportive equipment
 Thermal performance - Seals
 Acoustic performance - Seals
 Land physical conditions adaptations
 Industrialized components or prefabricated
 Concrete with optimization dosage
 Orientation for the residents
 Low consume lamps
 Saving devices – Flushing system
 Saving devices – Outflow system
 Saving devices – Presence detector
 Masonry
 Modular masonry coordination
 Construction and demolition waste management
 Planted or certified wood
 Employees environmental education
 Bicycle Stand
 Reuse of water from sinks to urinals.
 Lightning of construction sites through translucid
roof tiles
 Reuse of water from concrete mixer
 PPE cleaning
 Rainwater harvesting
 Anticipated execution of the project division wall
MRV + Verde Obra Verde MRV

79. Sustainability
Code of Conduct and
Confidential Channel
Sept/2015
Sustainability Report 2015
http://mrv.com.br/mrvsustentavel/en
Click here to download the Code
79
“Amigo do Clima” Program:
This program certifies MRV
Engenharia by its
compensation of greenhouse
gases generated by
sustainability website.
Earth Hour 2016:
The company has participated
in the promotion of
awareness and contributed to
a greater global alert against
global warming.
0.45 0.46
0.43
1.69
1.53
1.55
1.53
0.50
0.33
0.35
1.05 0.99
0.95
0.93 0.93 1.05 1.12 1.14
0.96
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
sep-13
May/14
sep/14
jan/15
may/15
sep/15
jan/16
may/16
sep/16
jan/17
MRVE3 in the ICO2 Index

80. 80
GHG Protocol
In 2015 , MRV joined the GHG Protocol, an agreement whereby disclose reports
with the Greenhouse Gases (GHG) emissions from our activities.
In August 2016, we received the gold seal that guarantees even more credibility
in when it comes to sustainability .
Sustainability
United Nations Global Compact
By supporting the Compact, MRV Engenharia joins more than 12,000 signatory organizations around the world
committed to make responsible businesses, and take strategic actions to advance broader social goals, with
emphasis on cooperation and innovation.
Commitments: to fundamental and internationally accepted values, defined in ten principles derived from the
Universal Declaration of Human Rights, the International Labor Organization Declaration on Fundamental Principles
and Rights at Work, the Rio Declaration on Environment and Development, and the United Nations Convention
against Corruption.

81. MANAGEMENT

82. MRV Management
Board of Directors
82
Rubens Menin Teixeira de Souza – 59 years old
Chairman of our board of directors. He holds a degree in civil engineering from the Federal University of Minas Gerais,
where he graduated in 1978. He is a founding partner of the MRV group, chairman of the board of directors and was
MRV’s Chief Executive Officer until March 2014. He is also a founding partner of Banco Intermedium S.A. and has been
chairman of its board of directors since the company was established in 1994. Mr. Menin is also the Chairman of the Board
of Directors of LOG Commercial Properties S.A. and Urbamais Properties e Participações S.A..
Fernando Henrique da Fonseca – 75 years old
holds a degree in economics from the Federal University of Minas Gerais, having pursued specialized courses in the areas
of finance, economics and business. He is a member of the Board of Directors from Celulose Nipo-Brasileira S.A. (CENIBRA)
and he was the chief executive officer from 2001 to 2011. He has 42 years of experience in the financial sectors of public
and private companies, having held the following positions: president of the financial companies Intermedium and
Credicon from 1994 to 2001; vice president of BEMGE Bank from 1987 to 1988; president of Agrimisa Bank from 1988 to
1993; executive director of Minas Gerais State Financial Policy Committee (Conselho de Política Financeira do Estado de
Minas Gerais) from 1983 to 1985, and manager of the Companhia Siderúrgica Belgo-Mineira from 1967 to 1975.
Levi Henrique – 75 years old
holds an engineering degree from the Instituto Tecnológico de Aeronáutica – ITA. After graduating, he entered
Cofap S.A. in 1959, where he reached the position of director of the shock absorber factory and remained with the
company for 19 years. In 1978, he joined Eluma S.A., where he reached the position of superintendent of the non-
ferrous division. He worked at that company for 8 years, and then, between 1985 and 1993, he worked as a
superintendent at LaFonte Fechaduras S.A., Metalpó Indústria e Comércio Ltda. and Protendit Indústria e Comércio
Ltda. He established Geminids, his business management consulting firm, in 1994.
Marcos Alberto Cabaleiro Fernandez – 64 years old
graduated with a law degree from the Milton Campos Law School in 1981. He founded Construtora Becker
Cabaleiro in 1977, and CVG company in 1986. He was Vice Chairman of the Real Estate Market Chamber (Câmara
do Mercado Imobiliário) of Belo Horizonte and the Civil Construction Union (Sindicato da Construção Civil) from
1999 to 2002. He is a founding partner of Banco Intermedium S.A. and has been a member of its board of directors
since the company was established in 1994. Mr. Fernandez is the Chief Executive Officer of LOG Commercial
Properties S.A. and Urbamais Properties e Participações S.A. e accumulate the position of Chief Executive Officer of
both Companies.
Rafael Nazareth Menin Teixeira de Souza – 35 years old
Mr. Souza was elected at the meeting of the Board of Directors held on March 08, 2010. Since April 30, 2013 he is a
member of the Company’s Board of Directors. He holds a degree in civil engineering from Federal University of
Minas Gerais in 2003. He joined MRV Serviços de Engenharia Ltda. in 1999, as a civil engineer intern. He has large
experience in real estate homebuilding sector. During this period, he worked as site engineer, coordinator of
engineering and technical director. He is currently Chief Executive Officer in charge of the regions Midwest and
Northeast and States of Minas Gerais, Rio de Janeiro and Espirito Santo of MRV Engenharia e Participações S/A and
member of the Board of Directors of Urbamais Properties e Participações S.A..
Eduardo Rocha Brant – 64 years old
Graduated in economic and civil engineering, with specialization in economics and business strategy, Paulo
Eduardo Rocha Brant exercised the leadership of various academic and financial institutions, having served as
Secretary of State of Minas Gerais for Culture. He held the positions of Chief Superintendent, Chief Economist,
Director of Area of Operations and Finance and Superintendent of the planning area of the Banco de
Desenvolvimento de Minas Gerais (BDMG). He was also Chief Officer of BEMGE Distribuidora and Vice President
Executive Officer and Investor Relations Director of the Banco do Estado de Minas Gerais (BEMGE). Paulo also was
CEO of Celulose Nipo-Brasileira S.A. – CENIBRA. Among Paulo Brant's other activities there are also the presidency
of the Brazilian Institute of Planning, the vice presidency of the Deliberative Council of the América Futebol Clube,
and he was also Director of the Museum Clube da Esquina. Paulo Brant also served as Assistant Secretary of the
Secretaria de Estado de Indústria e Comércio de Minas Gerais.
Marco Aurélio de Vasconcelos Cançado – 65 years old
He was elected member of the Board of Directors on Extraordinary Shareholders Meeting on February 20, 2015, position
which he holds until today. He received a degree in business administration from Faculdade de Ciências Econômicas,
Administrativas e Contábeis at FUMEC in 1974, and received a graduate degree in financial administration from Fundação
João Pinheiro/Columbia University in 1975 and a specialization qualification in finance from the Wharton School of the
University of Pennsylvania in 1992. He has more than 35 years of professional experience in the financial and capitals
markets, having held executive positions in several institutions. He was CFO at Banco Mercantil do Brasil (2000–2007); CEO
at Eletrosilex S.A., a manufacturer of metallic silicate (1998–2000); Partner and Chief Officer at MAVC – Consultoria e
Participações Ltda. (2007– up to date); member of the Board of Directors at Araújo Fontes, a company operating in the
corporate finance industry and mergers and acquisitions (2007– up to date). Moreover, during his career, he worked at
other public companies: at Banco do Brasil as Chied Financial and Services Officer (1985-1987), at Eletrosilex as CEO (1997-
1998) and MRV.(2008 – up to date) as member of the Board of Directors.

83. Executive Officers
83
Eduardo Fischer Teixeira de Souza – Chief Executive Officer Regio II – 42 years old
Mr. Souza was elected MRV´s Chief Executive Officer – Region II at the meeting of the Board of Directors held on March 27,
2014. He holds a degree in civil engineering from FUMEC in 2000. He holds a MBA in finance from IBMEC MG in 2003. He
joined MRV Serviços de Engenharia Ltda. in 1993, as a civil engineer intern. He has large experience in real estate
homebuilding sector. During this period, he worked as site engineer, coordinator of development sites and production
director of Campinas and São Paulo. He is currently Chief Executive Officer in charge of the region South and State of São
Paulo of MRV Engenharia e Participações S/A.
Rafael Nazareth Menin Teixeira de Souza – Chief Executive Officer Region I - 35 years old
See “Board of directors” above.
Eduardo Paes Barretto – Chief Commercial Officer – 58 years old
Mr. Barretto was elected our Chief Commercial Officer at the meeting of the Board of Directors held on June 2, 2006. He
has a degree in business administration from FMU - Faculdades Metropolitanas Unidas, having specialized in market
administration and marketing at both FGV and ESPM. He was director of the Association of Sales Managers of Brazil - ADVB
and Chairman of the Retail Commission of that association. He is a lecturer and speaker at seminars of the Brazilian
Advertisers Association. He was Chief Operating Officer of the Companhia Brasileira de Distribuição - Grupo Pão de Açúcar,
from May 1986 to July 1993. He has been working with companies of the MRV group since September 2000, being in
charge of commercial policy, supervision of real estate sales, market research, development of new business and corporate
strategy.
Leonardo Guimarães Corrêa – Chief Financial Officer – 58 years old
Mr. Correa was elected as our Vice-President of the Executive Board, Chief Financial Officer and Investor Relations
Officer at the meeting of the Board of Directors held on June 2, 2006. He earned a degree in economics from the
Federal University of Minas Gerais – UFMG in 1980, and a post graduate degree in finance from FGV in 1986. He
worked from 1982 to 1990 at Lloyds Bank as Treasury Manager. From 1990 to 2000 he worked at JP Morgan, where
his last position held was treasury officer for Brazil. He was a partner at Banco Pactual from 2000 to 2003. Between
2003 and 2006 he was a partner at Perfin Administração de Recursos, an independent fund manager, specialized in
investment funds. He joined us in March 2006. He is a member of the Board of Directors of LOG Commercial
Properties and Urbamais Properties e Participações S.A..
Homero Aguiar Paiva – Chief Production Officer – 54 years old
Mr. Paiva was elected our Chief Production Officer at the meeting of the Board of Directors held on June 2, 2006. In
1984, he received a degree in civil engineering from PUC - MG, and in 1991 he received a graduate degree in quality
and productivity engineering from the Sociedade Mineira de Engenharia - MG. He earned an MBA in business
management from IBMEC/BH in 2000. He joined the MRV Group in 1987 as an engineer, and became supervisor of
engineering in 1989. In 1996, he became technical director, and since 2004 he has served as our Chief Production
Officer.
Hudson Gonçalves de Andrade – Chief Real Estate Development Officer – 55 years old
Mr. Andrade was elected our Chief Real Estate Development Officer at the meeting of the Board of Directors held
on June 2, 2006. He earned a degree in civil engineering from the Kennedy School of Engineering in 1993. He began
his career in 1980 at the MRV Group as buildings technician. He was appointed Projects Officer in 2000, and
occupied the position of Chief Real Estate Development Officer in 2005.
Jose Adib Tomé Simão – Chief Real Estate Financing Officer – 69 years old
Mr. Simão was elected our Chief Real Estate Credit Line Officer at the meeting of the Board of Directors held on June 2,
2006. He earned a degree in civil engineering in 1969 from the Engineering School of the Federal University of Minas
Gerais. In 1972, he was professor of the former Kennedy School of Engineering in Belo Horizonte. From 1973 to 1986, he
was the director of the São Paulo branch of Delphos Engenharia S.A., which is based in Belo Horizonte. From 1987 to 1988,
he was a special advisor to the Chief Minister for the Secretariat of Planning and Co-ordination of the Presidency of the
Republic. He joined the MRV Group in 1989, working in the technical, administrative and commercial sectors, becoming our
chief administrative officer in 1999.
Júnia Maria de Sousa Lima Galvão – Chief Management and Shared Service Center Officer – 45 years old
Ms. Lima was elected our Chief Management and Shared Service Center Officer at the meeting of the Board of Directors
held on January 24, 2007. She holds a degree in accounting and a graduate degree in financial management and
international business from the Fundação Dom Cabral, as well as in human resources and in information systems. She
worked at RM Sistemas between 1996 and January 2007, recently sold to Totvs S.A., as administrative and financial
executive officer, in the administration, finance and accounting sectors, having been the responsible officer and attorney-
in-fact for RM Sistemas between 1996 and 2006.
Maria Fernanda Nazareth Menin Teixeira de Souza Maia – Chief Legal Officer – 36 years old
Mrs. Maia was elected MRV’s Chief Legal Officer at meeting of the Board of Directors held on May 4, 2010. She
earned a law degree from Milton Campos Law School in 2001, and postgraduate in Economics and Business Law
from FGV in 2003. She is an effective member of the Commission's Corporate Advocacy OAB / MG. She joined MRV
Serviços de Engenharia Ltda. in 1997, as an intern of Billing Department. During this period she held positions as an
intern in the Legal Department, Legal Assistant, Coordinator of the Legal Department, Legal Superintendent and
Legal Manager. Nowadays she occupies the position of Chief Legal Officer in MRV Engenharia e Participações S/A
member of the Board of Directors of Urbamais Properties e Participações S.A..
MRV Management

84. FINANCIALS

85. Consolidated Income Statement (R$ million)
(CPC 19 – IFRS 11)
85
R$ million 4Q16 3Q16 4Q15
Chg. 4Q16 x
3Q16
Chg. 4Q16 x
4Q15
2016 2015
Chg. 2016 x
2015
NET OPERATING REVENUE 1,067 1,096 1,208 2.7% ↓ 11.7% ↓ 4,249 4,763 10.8% ↓
COST OF PROPERTIES SOLD AND SERVICES (710) (743) (833) 4.4% ↓ 14.8% ↓ (2,862) (3,324) 13.9% ↓
GROSS PROFIT 357 353 375 1.1% ↑ 5.0% ↓ 1,387 1,439 3.6% ↓
Gross Margin 33.4% 32.2% 31.1% 1.2 p.p. ↑ 2.4 p.p. ↑ 32.6% 30.2% 2.4 p.p. ↑
OPERATING INCOME (EXPENSES)
Selling expenses (133) (128) (117) 4.4% ↑ 14.4% ↑ (499) (458) 9.0% ↑
General & Administrative Expenses (69) (77) (77) 10.0% ↓ 10.3% ↓ (287) (280) 2.8% ↑
Other operating income (expenses), net (24) (17) (29) 47.6% ↑ 16.3% ↓ (88) (107) 17.6% ↓
Equity Income (16) (13) (25) 23.6% ↑ 33.4% ↓ (57) (96) 40.2% ↓
INCOME BEFORE FINANCIAL INCOME (EXPENSES) 113 118 128 4.2% ↓ 11.4% ↓ 455 498 8.7% ↓
FINANCIAL RESULTS
Financial expenses (14) (12) (14) 9.0% ↑ 2.1% ↓ (63) (78) 19.4% ↓
Financial income 59 54 52 9.6% ↑ 14.2% ↑ 228 196 16.3% ↑
Financial income from receivables from real estate development 10 17 14
42.6% ↓ 26.5% ↓
48 82 41.0% ↓
INCOME BEFORE INCOME TAX AND SOCIAL CONTRIBUTION 169 177 179 4.7% ↓ 5.8% ↓ 668 699 4.3% ↓
Income Tax and Social Contribution (26) (24) (26) 7.8% ↑ 0.7% ↓ (94) (103) 8.9% ↓
NET INCOME 143 153 153 6.6% ↓ 6.7% ↓ 574 595 3.5% ↓
PROFIT ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 2 4 14 0.0% ↑ 0.0% ↑ 17 48 0.0% ↑
PROFIT ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPANY 142 150 140 5.4% ↓ 1.2% ↑ 557 548 1.7% ↑
Net Margin 13.3% 13.7% 11.6% 0.4 p.p. ↓ 1.7 p.p. ↑ 13.1% 11.5% 1.6 p.p. ↑
BASIC EARNINGS PER SHARE 0.321 0.340 0.317 5.4% ↓ 1.3% ↑ 1.263 1.240 1.8% ↑
R$ million 4Q16 3Q16 4Q15
Chg. 4Q16 x
3Q16
Chg. 4Q16 x
4Q15
2016 2015
Chg. 2016 x
2015
Income before taxes 169 177 179 4.7% ↓ 5.8% ↓ 668 699 4.3% ↓
Depreciation and Amortization 12 11 10 18.0% ↑ 29.2% ↑ 42 37 13.3% ↑
Financial Results (56) (59) (52) 5.7% ↓ 7.9% ↑ (214) (200) 6.7% ↑
Financial charges recorded under cost of sales 35 34 37 2.5% ↑ 4.7% ↓ 140 133 5.3% ↑
EBITDA 160 162 174 1.4% ↓ 7.7% ↓ 637 669 4.7% ↓
EBITDA Margin 15.0% 14.8% 14.4% 0.2 p.p. ↑ 0.7 p.p. ↑ 15.0% 14.0% 1.0 p.p. ↑
EBITDA Adjusted (ex. Equity Income) 177 176 198 0.5% ↑ 10.9% ↓ 694 764 9.2% ↓
EBITDA Margin adjusted (ex. Equity Income) 16.6% 16.0% 16.4% 0.5 p.p. ↑ 0.2 p.p. ↑ 16.3% 16.0% 0.3 p.p. ↑

86. 86
Consolidated Balance Sheet (R$ million)
(CPC 19 – IFRS)
ASSETS 12/31/16 9/30/16 12/31/15
Var. Dec/16 x
Sep/16
Var. Dec/16 x
Dec/15
CURRENT ASSETS
Cash and cash equivalents 1,764 1,661 1,596 6.2% ↑ 10.5% ↑
Short-term investments 258 133 128 93.0% ↑ 100.5% ↑
Receivables from real estate development 1,658 1,953 2,069 15.1% ↓ 19.9% ↓
Receivables from services provided 4 3 6 28.3% ↑ 39.9% ↓
Real estate for sale and development 3,077 2,748 2,726 12.0% ↑ 12.9% ↑
Recoverable current taxes 229 205 196 11.9% ↑ 16.8% ↑
Deferred expenses 57 54 44 6.3% ↑ 30.0% ↑
Other assets 74 57 54 30.3% ↑ 37.6% ↑
Total Current Assets 7,120 6,813 6,820 4.5% ↑ 4.4% ↑
NONCURRENT ASSETS
Receivables from real estate development 991 935 1,204 6.0% ↑ 17.6% ↓
Real estate for sale and development 3,059 3,036 2,256 0.8% ↑ 35.6% ↑
Due from related parties 37 38 88 4.3% ↓ 58.5% ↓
Deferred expenses 36 40 32 9.5% ↓ 11.2% ↑
Other noncurrent assets 73 71 62 1.8% ↑ 16.8% ↑
Investment property 783 676 740 16.0% ↑ 5.9% ↑
Property and equipment 140 127 105 10.1% ↑ 32.9% ↑
Intangible Assets 86 87 84 0.6% ↓ 2.1% ↑
Total Noncurrent Assets 5,207 5,010 4,573 3.9% ↑ 13.9% ↑
TOTAL ASSETS 12,327 11,823 11,392 4.3% ↑ 8.2% ↑
LIABILITIES AND SHAREHOLDERS' EQUITY 12/31/16 9/30/16 12/31/15
Var. Dec/16 x
Sep/16
Var. Dec/16 x
Dec/15
CURRENT LIABILITIES
Trade accounts payable 315 310 254 1.6% ↑ 23.9% ↑
Payables for purchase of investments 35 41 40 15.8% ↓ 3.6% ↑
Loans and financing 937 1,105 1,119 15.2% ↓ 16.2% ↓
Payables for purchase of land 515 610 348 15.6% ↓ 47.9% ↑
Advances from customers 675 702 852 3.9% ↓ 20.8% ↓
Labor and social liabilities 110 128 110 13.9% ↓ 0.4% ↑
Tax liabilities 57 44 56 29.9% ↑ 2.6% ↑
Accrual for maintenance of real estate 40 40 37 0.3% ↑ 8.5% ↑
Deferred tax liabilities 59 72 67 18.6% ↓ 12.9% ↓
Proposed dividends 132 - 130 - 1.7% ↑
Other payables 49 51 38 4.0% ↓ 29.7% ↑
Total Current Liabilities 2,924 3,103 3,050 5.8% ↓ 4.1% ↓
NONCURRENT LIABILITIES
Payables for purchase of investments - 4 32 100.0% ↓ 88.4% ↓
Loans and financing 1,377 1,001 1,131 37.6% ↑ 21.7% ↑
Payables for purchase of land 1,695 1,372 1,166 23.6% ↑ 45.4% ↑
Advances from customers 629 659 717 4.7% ↓ 12.3% ↓
Accrual for maintenance of real estate 100 97 99 2.8% ↑ 1.1% ↑
Accrual for civil, labor, and tax risks 98 96 92 2.0% ↑ 6.6% ↑
Deferred tax liabilities 40 34 42 16.6% ↑ 4.7% ↓
Other liabilities 27 20 13 37.3% ↑ 106.6% ↑
Total Noncurrent Liabilities 3,965 3,282 3,292 20.8% ↑ 20.4% ↑
SHAREHOLDERS' EQUITY
Equity attributable to the shareholders of the
Company
5,184 5,173 4,776 0.2% ↑ 8.5% ↑
Non-controlling Interests 254 264 274 3.9% ↓ 7.5% ↓
Total Shareholders' Equity 5,437 5,437 5,050 0.0% ↑ 7.7% ↑
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 12,326 11,823 11,392 4.3% ↑ 8.2% ↑

87. 87
Consolidated Statement of Cash Flow (R$ million)
(CPC 19 – IFRS 11)
Consolidated (R$ million) 4Q16 3Q16
Chg. 4Q16 x
3Q16
2016 2015
Chg. 2016 x
2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income 143 153 6.6% ↓ 574 595 3.5% ↓
Adjustments to reconcile net income to cash used in operating activities 109 130 15.9% ↓ 458 382
20.0% ↑
Decrease (increase) in operating assets 55 (29) 287.7% ↓ 146 477 69.4% ↓
Increase (decrease) in operating liabilities (133) (185) 28.2% ↓ (603) (427) 41.2% ↑
Net cash used in operating activities 174 69 153.9% ↑ 576 1,028 44.0% ↓
CASH FLOWS FROM INVESTING ACTIVITIES
Decrease (increase) in investment securities (111) 15 834.0% ↓ (105) 43 340.8% ↓
Advances to related parties (90) (31) 190.1% ↑ (363) (305) 18.8% ↑
Receipts from related parties 93 39 137.2% ↑ 422 283 49.2% ↑
Decrease in (acquisition of/contribution to) investments (124) 15 952.8% ↓ (101) (10) 899.3% ↑
Payment for acquisition of subsidiary (11) (42) 73.5% ↓ (44) (38) 15.0% ↑
Acquisition of fixed and intangible assets (27) (27) 0.0% ↓ (90) (74) 21.4% ↑
Net cash used in investing activities (271) (31) 770.2% ↑ (310) (101) 205.8% ↑
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from shares issuance - - - - - -
Proceeds from stock options' exercise 0 1 (88.3%) 1 3 67.2% ↓
Treasury shares - (1) 100.0% ↓ (3) 4 166.5% ↓
Treasury shares - - - - (39) 100.0% ↓
Proceeds from loans, financing and debenture 795 440 80.6% 1,928 1,178 63.7% ↑
Payment of loans, financing and debenture (584) (470) 24.2% ↑ (1,863) (1,465) 27.2% ↑
Capital transaction 0 (0) 241.5% ↓ (1) 0 435.0% ↓
Net contributions (distributions) of noncontrolling interests (12) (309) 96.0% ↓ (34) (58) 40.5% ↓
Advanced payment from related companies - - - - - -
Net cash (used in) generated by financing activities 199 (339) 158.7% ↓ (128) (548) 76.6% ↓
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS, NET 102 (301) 133.9% ↓ 138 378 63.5% ↑
CASH AND CASH EQUIVALENTS
Cash and cash equivalents at beginning of the period 1,661 1,628 2.1% ↑ 1,596 1,217 31.1% ↑
Cash and cash equivalents at end of the period 1,764 1,661 6.2% ↑ 1,764 1,596 10.5% ↑

88. CORPORATE PRESENTATION
December 2016

89. 32 51 113
750
1,300
2,700
2008 2009 2010 2011 2012/13 2015/16
Assets Value R$ million
1st Warehouse deliveryMRV LOG Foundation 1St Private Equity Round 2nd Private Equity RoundName change
Presence in 18
cities and 8 states
1st Debenture
Issuance
2nd
Debenture
Issuance
Presence in 26
cities and 9
states
4th, 5th and
6th
Debentures
Issuance
7th, 8th and
Debentures
Issuance
9th and
Debentures
Issuance and
1st Commercial
Notes issuance
89
Timeline

90. LOG Commercial Properties business
LOG CP is a commercial properties Company that has in its portfolio beyond the projects for logistics and industry, the Company's core
business, Shopping Centers, Strip Mall and Industrial Lots.
Logistics Complexes
100% Greenfield
Full control of cycle, from land
acquisition to project delivery.
Multi-tenant
Projects in modules
Flexible architecture
2 to 10 year contracts
Shopping Centers Strip Malls Industrial Lots
100% Greenfield
Regional Strip Malls
100% Greenfield
Full control of cycle, from land
acquisition to project delivery
100% Greenfield
Comprehensive shopping centers
Operated by specialized
companies
90

91. LOG’s National Footprint
LOG I - Contagem
Present in 25 cities and 9 states
LOG Hortolândia
Hortolândia-SPLOG Juiz de Fora
Juiz de Fora - MG
LOG
Goiânia
Goiânia-GO
LOG Fortaleza
Maracanaú - CE
Shopping Contagem
Contagem-MG
LOG São José dos Pinhais
São José dos Pinhais -PR
91

92. Integrated Business Model
Extended experience in creating business and developing assets.
Our integrated model is unique in the market, from land identification to project delivery.
Asset Creation – Integrated Business Model Logistics Complexes
Identification of
Demand
Land Acquisition
Delivery of Project
Construction
Experience
Dedicated Team of Professionals
Dedicated Team to capture new
opportunities
Extended shared data base with
MRV.
Know-how and experience
LOG CP – MRV synergy
Cost reduction by material
acquisition with MRV
Multitenant strategy to
maximize returns
Retail strategy
Offices
Warehouses
Acquisition
Development
Multitenant Strategy
Financial Players
Pension funds
Highly Competitive Environment
LOG Commercial Properties controls complete cycle of development, construction and administration of its assets
Managing
Tenant managed
Condominium administrated by
specialized companies.
92

93. Logistics Complex Model – Warehouses
Factors of Success:
I. Strong demand and lack of available infrastructure
II. Experience in the distribution center market – 35 years experience in Brazil
and abroad
III. Expertise in land acquisition
IV. Low costs & integrated supply chain
V. Nationwide coverage: one-stop-shop for clients seeking logistics solutions
LOG Jundiaí
+ Multi-tenant
strategy
Business Model
1m 2m 3m 4m
15
m
16
m
17
m
18
m
19
m
20
m
22
m
23
m
10 to 25
years
Commercial Negotiation
Land Acquisition
Development
Construction
(negotiation with potential tenants)
Operation/management
and lease
13
m
14
m
Real Perspective LOG Jundiaí (aerial
picture)
Real Perspective LOG Jundiaí (aerial
picture) )
21
m
Estimated LOG Warehouses Occupancy Curve
Project 1º Q 2º Q 3º Q 4º Q
Warehouses 0% 30% 60% 90%
93

94. 0.3%
0.7%
0.7%
0.8%
0.9%
1.1%
1.1%
1.1%
1.4%
1.9%
3.5%
4.0%
4.1%
5.4%
6.0%
8.3%
8.9%
9.0%
11.2%
14.8%
14.8%
Retail
Productsfor Animals
Entertainment
IT
RefrigeratedProducts
Transportation
Construction
Packaging
Energy/Telecom
Chemical
Beauty
Domestic Utilities
E-commerce
Logistics
Other
Clothing
Documents
Automotive
Pharmacist
Consumer Goods
Foodand Beverage
18.0%
23.0% 25.0% 25.0% 25.0%
13.5% 15.1% 15.5% 14.4% 13.5%
4Q15 1Q16 2Q16 3Q16 4Q16
Brazil LOG
23%
27%
29%
5%
16%
Until 12 months 12 to 24 months 24 to 36 months 36 to 48 months Over 48 months
Commercial Activity
Portfolio by warehouses sector Renters(in GLA sq.m)
94
The current contracts range from 2
to 10 years with an average term of
66 months;
Lease contracts are indexed to the
IGP M or IPCA and have contractual
review every three years;
One atypical rental model Built to
Suit (BTS);
Base Dec 31, 2016
Contract’s Maturity (per GLA) Brazil X LOG Vacancy

95. 95
6.6 8.6
30.9
22.4
31.3 34.9
91.7%
31.0%
68.1%
32.9% 33.7% 36.1%
2011 2012 2013 2014 2015 2016
Adjusted Net Income Adjusted Net Income Margin
1.0
16.6
28.4
50.0
74.4 78.1
13.6%
59.8% 62.5%
73.6%
80.1% 80.7%
2011 2012 2013 2014 2015 2016
Adjusted Ebitda Adjusted Ebitda Margin
7,2
27,7
89.3
68.0
92.9 96.8
2011 2012 2013 2014 2015 2016
Historical figures
Adjusted FFO & Margin Adjusted Net Earnings & Margin
(R$ mm)(R$ mm and %)
(R$ mm and %)(R$ mm)
Net Revenues Adjusted EBITDA & Margin
CAGR
2011-2015
68.1 %
8.1
15.2
20.4 22.4
31.5 35.1
112.5%
55.1%
44.9%
33.0% 33.9% 36.3%
2011 2012 2013 2014 2015 2016
Adjusted FFO Adjusted FFO Margin

96. 31.0
44.2
196.3 191.4
95.3
16.2
38,.
2010 2011 2012 2013 2014 2015 2016
ConstructedGLA (thou. sq. m. - %LOG)
Quality and premium localization according with the Brazilian market growth.
Experient construction team, with growth scale and cost control.
High capability of growth and new area identification.
LOG’s Growth
96
903
1,045
1,400
1,318 1,359
1,276
1,574
2010 2011 2012 2013 2014 2015 2016
Portfolio in GLA (thou. sq.m - %LOG)
15.0
108.5
131.9
231.0
150.9
108.8
2011 2012 2013 2014 2015 2016
Located GLA (thou sq.m. - %LOG)

97. Portfolio Evolution
LOG Portfolio Evolution - % LOG
(in GLA sq.m.)
LOG Potential Portfolio in Dec -
31-16
MG
24%
SP
53%
ES
3%
PR
2%
GO
9%
RJ
9%
.... in 2010
SP
51%
MG
14%
GO
8%
PR
7%
CE
8%
RJ
7%
ES
3%
BA
2%
... in 2011
LOG Potential Portfolio Geographical Distribution (sq.m.)
... In December, 2016 LOG had 67% of its Portfolio
approved
97
* In April 2016 LOG incorporated new project to its portfolio
MG
38%
SP
22%
RJ
10%
PR
10%
ES
5%
GO
5%
CE
6%
SE
3%
BA
1%
Approved
67%
Not
Approved
33%

98. Operational Information
Accumulated Built GLA (in sq.m) %LOG Accumulated Delivered GLA (in sq.m) - % LOG
98
LOG delivers higher return rates to the shareholders
Assets evaluated in December 31, 2016 in R$2.7
billion.
LOG’s high cap rate compression capacity
LOG Drivers Value generation
Some Projects delivered until December- 31, 2016
LOG I, in
Contagem/MG
GLA: 58,417 sq.m
LOG Goiânia (G1,
G2, G3, G7 e G8),
in GO
GLA: 40,365 sq.m
LOG Hortolândia,
in SP
GLA: 53,492 sq.m
LOG São José dos
Pinhais, in PR
GLA: 24,929 sq.m
LOG Fortaleza, in
CE
GLA: 17,132 sq.m
LOG Feira de
Santana, in BA
GLA: 17,725 sq.m
616,404 621,968
621,968 627,251
627,251
Dec-15 Mar-16 Jun-16 Sep-16 Dec-16
665,177
670,181
687,542
698,776
703,290
Dec-15 Mar-16 Jun-16 Sep-16 Dec-16

99. 13.5%
15.9%
Warehouses Retail
17.71
27.89
48.42
Warehouses Strip Mall Shopping Center
Operating Indicators - Commercialization
Portfolio´s Average Price
(R$/GLA/Month)
Commercialization of the lots (PIB) (sq.m. and R$ thousand)
GSV: General Sale Value
Portfolio´s physical vacancy
by Segment (%)
+ 1 Logistic Park: Rio Campo Grande
Date of Delivery: 4Q16
100% Located
25,000 sq.m. of GLA + 28,000 sq.m. possibility of expansion
+ 1 Strip Mall
Date of Delivery : 4Q16
GLA: 2,524 sq.m.
LOG Portfolio:
99
Project Marketable Area%LOG (sq.m)
Sales Speed
(month)
GSV %LOG
(R$ thousand)
Lots 1,064,380 5% 227,712

100. 0.006
0.039
0.015
1 2 3
250,000
44,376
10,804
1
2
3
The global context and growth potential of the Brazilian market - 2015
Industrial Condominium Inventory + Isolated
warehouses (thousand sq.m.)
GDP (US$ billion) Territorial Extension (thousand km2)
The Brazilian logistics and
infrastructure market has
great potential of growth..
The road modal is the
major type in Brazil, with
nearly 75% of the total...
The Union´s budget for
logistics infrastructure in
2017 is approximately
R$13 billion
Elevated index of growth
in the BRICS, upcoming
sport events in the next
years, PAC/PAC2.
Logistics Inventory (sq.m.)
per GDP (US$ million)
Logistics Inventory (sq.m.)
per Population (# habitants)
Logistics Inventory (sq.m.)
per Territorial Extention (km²)
Theglobalcontext
Growthpotentialtobe
explored
100
9,373
1,958
8,515
1
2
3
Source: Brazilian Federal Bank Source: insa.gov.brSource: Colliers International
16,770
1,144
1,773
1
2
3
PotentialGrowth
0.05
0.48
0.78
1 2 3
PotentialGrowth
0.001
0.030
0.025
1 2 3
PotentialGrowth

101. The e-commerce in Brazil
101
Actually Brazil is the 9th most buying country through internet, and in 2019 the e-commerce shall move over R$70 billion.
The most sold products through internet are aligned with the most stored by our customers.
Creating a demand raise for warehouses.
Fonte: Ebit e E-marketer
Most sold through internet
Logistic infrastructure feed for the consumption goods
market development
Opportunities identification among developing markets
Strategy
Alignment
Challenges:
14%
Books/
Signatures
13%
Domestic
Utilities
12%
Clothing
12%
Heath/
Pharmacist
9%
Phones/
Smart Phones
9%
Home
Decor
6%
IT
5%
Electronics
4%
Sports/
Leisure
2%
Toys/
Games
22.5
28.8
35.8
41.3
44.6
2012 2013 2014 2015 2016
Online Sales in Brazil (R$ billion)

102. 5,117
6,789
8,494
9,727
10,840
11,989 12,061 12,205 12,473
983 991 1,158 1,104 811 31
-6
176 279
6.9%
14.9%
18.0% 17.0% 18.0%
23.0% 25.0% 25.0% 25.0%
2011 2012 2013 2014 2015 1Q16 2Q16 3Q16 4Q16
Inventory Net Absorption Vacancy Rate - Brazil
The current industrial condominiums market (cont.)
According to Colliers International there was 837 thousand m² of GLA in construction in the 4Q16.
Distribution of existing inventory by region (%) in 4Q16
Distribution of the inventory in project
phase by region (%) – 3Q16
Distribution of the inventory under
construction by region (%) in 3Q16
102Source: Colliers Market Report
Brazilian Inventory, Net Absorption and
Vacancy Rate
80%
6%
10%
3% 1%
Southeast
South
Northeast
North
Mid-West
Southeast
74.1%
South
9.8%
Northeast
15.4%
Mid-West
0.3%
North 0.4%
Southeast
82.6%
South
14.2% Northeast
2.5%
North
0.7%

103. The Brazilian market of industrial parks is highly concentrated
in the Southeast, with 80% of the total. The other regions of
the country lack for commercial/industrial areas, and with
investment in infrastructure being made in these states, the
market to industrial condominiums will expand.
Southeast
80%
South
6%
Northeast
10%
Mid-West
1%
North
3%
The current industrial condominiums market
Source:ColliersMarketReport
The five regions in Brazil has existing inventory of
condominiums class A logistics of 12.5 million sq.m
versus 10.8 million sq.m in the fourth quarter of 2015.
Forte demanda e as taxas de absorção
elevada são indicadores do mercado com
elevada liquidez....
The delivery of the inventory
under construction will be
represented by 85% in the
Southeast and 15% in other
regions of the country, being
such regions opportunities
for expansion and new
business.
Inventory in
Construction (sq.m)
103
3.4 3.9
5.1
6.8
8.4
9.6 9.8
10.5 10.7 10.8
11.7 12.1 12.2 12.5
2009 2010 2011 2012 2013 2014 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16
Evolution of Industrial Parks in Brasil (million - sq. M)

104. The current industrial condominiums market (cont.)
The warehouses market in Brazil has
International Class specs. They have from
1,000 to 50,000 sq.m. average size, ceiling
height from 11 to 12 meters and floor capacity
from 5 to 6 ton/sq.m. Location, freight costs
and bigger leasable areas are the main features
requested by the actual costumers.
Fragmented Industry in Brazil
(in terms of GLA):
The large majority of the companies in
Brazil still own their real estate…
… and in the USA, only 20% of the
companies own their real estate assets
Source: Itaú Securities and others
91%
9%
Non-organized Market
Organized Companies
20%80%
Leased
Own Buildings
80%
20%
Leased
Own Buildings
Existing warehouses
average size
(in sq.m.)
Share in existing
inventory (%)
< 1,000 0.3%
1,000 to 5,000 9.7%
5,001 to 10,000 6.7%
10,001 to 50,000 48.8%
> 50,000 34.5%
Source: Colliers Industrial Market Report
LOG I Warehouse
104

105. PIB – Betim lots
www.parqueindustrialbetim.com.br
The only LOG project whose units are
intended for sale: shorter cash cycle;
Potential vendible area of + 2.1
million sqm.
Construction of roads and infrastructure at a
rapid pace.
Potential area for construction of more
than 1 million GLA;
Betim Industrial lots:
• Total area: + 6 million sq.m
• Lots intended for sale
• Strategic Location
• Possibility of developing
warehouses
105

106. Consolidated Financial Statements Balance Sheet (in R$ thousand)
106
ASSETS 31/Dec/16 30/Sep/16 31/Dec/15
Chg. %
Dec-16 x
Sep-16
Chg. %
Dec-16 x
Dec-15
LIABILITIES & SHAREHOLDER'S
EQUITY
31/Dec/16 30/Sep/16 31/Dec/15
Chg. %
Dec-16 x
Sep-16
Chg. %
Dec-16 x
Dec-15
CURRENT ASSETS CURRENT LIABILITIES
Cash and cash equivalents 146,941 18,259 17,258 704.8% 751.4% Accounts Payable 3,561 10,010 6,601 -64.4% -46.1%
Accounts receivable 24,094 24,998 19,119 -3.6% 26.0% Loans and financing 337,250 355,859 150,579 -5.2% 124.0%
Recoverable taxes 7,476 7,504 8,532 -0.4% -12.4% Salaries, payroll taxes and benefits 2,523 2,576 2,401 -2.1% 5.1%
Deferred selling expenses 6,785 6,100 4,329 11.2% 56.7% Taxes and contributions 2,680 2,241 2,559 19.6% 4.7%
Other assets 442 111 187 298.2% 136.4% Advances from customers - Swap 1,570 1,587 3,518 -1.1% -55.4%
Total current assets 185,738 56,972 49,425 226.0% 275.8% Payable Dividends 8,466 - 1,634 0.0% 418.1%
Credits on related parties 948 1,053 965 -10.0% -1.8%
NON-CURRENT ASSETS Other liabilities 632 728 722 -13.2% -12.5%
Trade accounts receivable 12,800 13,290 14,641 -3.7% -12.6% Total current liabilities 357,630 374,054 168,979 -4.4% 111.6%
Deferred selling expenses 3,694 3,540 7,862 4.4% -53.0%
Recoverable taxes 40,953 41,265 38,403 -0.8% 6.6% Non-current liabilities
Deferred taxes 90,213 56,381 51,052 60.0% 76.7% Loans and financing 651,834 715,591 814,379 -8.9% -20.0%
Other assets 1,049 867 608 21.0% 72.5% Advances from Customers - Swap 41,073 41,085 42,406 0.0% -3.1%
Investment in subsidiaries and jointly
controlled
247,220 242,734 237,314 1.8% 4.2% Deferred taxes 54,958 55,298 51,125 -0.6% 7.5%
Investment property 2,298,800 2,295,228 2,174,413 0.2% 5.7% Others 2,319 2,674 2,756 -13.3% -15.9%
Property and equipment 1,631 1,640 1,800 -0.5% -9.4% Total Non-current liabilities 750,184 814,648 910,666 -7.9% -17.6%
Total non-current assets 2,696,360 2,654,945 2,526,093 1.6% 6.7% Total Liabilities 1,107,814 1,188,702 1,079,645 -6.8% 2.6%
SHAREHOLDER´S EQUITY
Equity atributable to the
shareholder´s of the company
1,774,157 1,523,089 1,495,765 16.5% 18.6%
Non-controlling interest 127 126 108 0.8% 17.6%
Total Shareholder´s Equity 1,774,284 1,523,215 1,495,873 16.5% 18.6%
TOTAL ASSETS 2,882,098 2,711,917 2,575,518 6.3% 11.9%
TOTAL LIABILITIES &
SHAREHOLDER'S EQUITY
2,882,098 2,711,917 2,575,518 6.3% 11.9%

107. Consolidated Financial Statements Income Statement (R$ thousand)
107
INCOME STATEMENT 4Q16 3Q16 4Q15
Chg. %
4Q16 x 3Q16
Chg. %
4Q16 x 4Q15
12M16 12M15
Chg. %
12M16 x
12M15
NET OPERATINGREVENUES 24,521 23,961 24,169 2.3% 1.5% 96,774 92,911 4.2%
Cost - - - 0.0% 0.0% - - 0.0%
GROSS PROFIT 24,521 23,961 24,169 2.3% 1.5% 96,774 92,911 4.2%
OPERATINGEXPENSES (30,675) (4,304) (14,346) 612.7% 113.8% (42,323) (48,566) -12.9%
Selling expenses (2,836) (2,998) (2,219) -5.4% 27.8% (10,961) (10,146) 8.0%
General & Administrative expenses (2,364) (2,509) (2,634) -5.8% -10.3% (9,543) (9,555) -0.1%
Other operatin expenses, net (185) (49) 352 277.6% -152.6% (528) (2,307) -77.1%
Investment Property Fair Value Variation (27,151) 802 (8,866) -3485.4% 206.2% (24,477) (30,997) -21.0%
Equity in subsidiaries and JV´s 1,861 450 (979) 313.6% -290.1% 3,186 4,439 -28.2%
OPERATINGINCOME BEFORE FINACIAL RESULTS (6,154) 19,657 9,823 -131.3% -162.6% 54,451 44,345 22.8%
FINANCIAL RESULTS (16,313) (15,311) (14,730) 6.5% 10.7% (51,555) (43,489) 18.5%
Financial expenses (17,351) (18,760) (18,174) -7.5% -4.5% (60,672) (63,384) -4.3%
Financial income 1,038 3,449 3,444 -69.9% -69.9% 9,117 19,895 -54.2%
INCOME BEFORE INCOME TAX AND SOCIAL
CONTRIBUTION
(22,467) 4,346 (4,907) -617.0% 357.9% 2,896 856 238.3%
INCOME TAX AND SOCIAL CONTRIBUTION 32,657 2,092 18,714 1461.0% 74.5% 32,760 16,335 100.6%
Current (1,405) (1,082) (1,368) 29.9% 2.7% (5,078) (5,999) -15.4%
Deferred 34,062 3,174 20,082 973.2% 69.6% 37,838 22,334 69.4%
NET INCOME 10,190 6,438 13,807 58.3% -26.2% 35,656 17,191 107.4%
PROFIT ATRIBUTABLE TO
Shareholder´s of the company 10,189 6,436 13,819 58.3% -26.3% 35,647 17,196 107.3%
Non-controlling interests 1 2 (12) -50.0% -108.3% 9 (5) -280.0%

108. Consolidated Financial Statements Cash Flow (in R$ thousand)
108
CASH FLOW STATEMENT 12M16 12M15
Chg. %
12M16 x 12M15
CASH FLOWS FROM OPERATINGACTIVITIES
Net income 35,656 17,191 107.4%
Adjustments to reconcile profit to net cash used in operating
activities
42,526 65,688 -35.3%
Decrease (increase) in operating assets (7,115) (13,994) -49.2%
Increase (decrease) in operating liabilities 4,246 4,885 -13.1%
Income tax and social contribution paid (4,728) (5,488) -13.8%
Land sale receiving 4,540 105,954 -95.7%
Dividends received from subsidiaries - 20,000 -100.0%
Net cash used in operating activities 75,125 194,236 -61.3%
CASH FLOWS FROM INVESTINGACTIVITIES
Decrease (Increase) of investments (3,887) (5,544) -29.9%
Acquisition of investment property (65,705) (39,821) 65.0%
Other (753) (983) -23.4%
Net cash used in investing activities (70,345) (46,348) 51.8%
CASH FLOWS FROM FINANCINGACTIVITIES
Proceeds from loans and debentures, net 305,782 209,716 45.8%
Payment of loans (301,697) (297,604) 1.4%
Derivative financial instrument redemption or acquisition (5,115) 6,073 -184.2%
Interest paid (122,891) (126,038) -2.5%
Contributions from shareholders 251,634 25,856 873.2%
Payment of obligations with related companies (111,387) - -100.0%
Increase in obligations with related companies 110,201 - -100.0%
Dividend payments (1,634) (25,856) -93.7%
Contributions from noncontrolling shareholders 10 (111) -109.0%
Net cash provided by financing activities 124,903 (207,964) -160.1%
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS,
NET
129,683 (60,076) -315.9%
CASH AND CASH EQUIVALENTS
Cash and cash equivalents at beginning of year 17,258 77,334 -77.7%
Cash and cash equivalents at end of year 146,941 17,258 751.4%

109. Contacts:
Felipe Enck Gonçalves
CFO and Investor Relations Director
Tel.: +55 (31) 3615-8400
E-mail: ri@logcp.com.br
http://www.logcp.com.br/ri
Diogo Dias Gonçalves
Investor Relations and Financial Planning Manager
Tel: +55(31) 3615-8818 – diogo.goncalves@logcp.com.br
Carlos Guilherme Souza
Investor Relations Analyst
Tel: +55(31) 3615-7401 – carlos.guilherme@logcp.com.br
Isabela Saede Gazire
Investor Relations Analyst
Tel: +55(31) 3615-8416 – isabela.saede@logcp.com.br
109

111. OUR BUSINESS
Urbamais is the urban development company of MRV Group. Our business is to develop
raw land into open and closed residential subdivisions for the economic segment.
The pillars that differentiate us are:
• allotments strategicaly located,
• Operational Excellence,
• optimized projects offering affordable prices,
• infrastructure quality and urban planning,
• environmental awareness,
• Customer relationship and professional management.

112. Allotment
Idealization and
Feasibility
Jun. 2012
Urbamais
Incorporation
Launch of Parque
Atlanta
2011
Aug. 2014
Launch of Bem
Viver Campos
May 2015
Launch of Jardim
das Tulipas
Dec. 2015
Launch Jardins
de Campos
Jun. 2016
Launch of Jardins
dos Girassóis
Dec. 2016
Parque Atlanta
delivery
TIMELINE

113. • Present em 5 estados
• 15 cities
• Minas Gerais
- Contagem
- Matozinhos
- Pedro Leopoldo
- Ribeirão das Neves
- Uberaba
• São Paulo
- Araraquara
- Álvares Machado
- Cotia
- Ribeirão Preto
- São Carlos
- São José do Rio Preto
• Rio de Janeiro
- Campos dos Goytacazes
- Itaboraí
- Rio das Ostras
- Rio de Janeiro
• Bahia
- Feira de Santana
• Paraíba
- Lagoa Seca
• Rio Grande do Norte
- Natal
GEOGRAPHICAL
FOOTPRINT

114. CONVENTIONAL RESIDENTIAL LOTS
Is composed by sets of lots with areas starting from 160sqm and
urbanization infrastructure, which includes for squares, and/or
community equipment.
GATED COMMUNITIES (“CLOSED CONDOS”)
Surrounded by walls, they offer controlled access by guardhouse,
leisure area restricted to residents, with lots starting from 160 m².
Allotments are also served by a complete urbanization infrastructure.
Both products offer treated water networks, electric power and
sanitary sewage, paved roads, green areas and areas destined to
future implantation of commercial enterprises.
PRODUTCS

115. JARDIM DOS GIRASSÓIS
Complex composed by 5 allotments, conventional
and gated, totaling around 4 thousand lots for
comercialization. The second launch occured in
December 2016:
• Controlled access by guardhouse
• Total lots: 1,137
• Lots from 160sqm
• Leisure area
• Location: close to the city’s main avenue and 2
km away from the city center.
Ballroom
Barbecue area
Swiming pool
Kiosk
Fitness area
Grass field
Sand court
Playground
Trekking

116. JARDINS DE CAMPOS
• Launched in June 2016
• Conventional redidential lots
• Total units: 464
• Lots from 160sqm
• Sanitary sewage
• Water network
• Eletric power
• Paved streets
• Landscape design
• Location: Guarus district, next to a large
comercial area.
Road system Reserved area
for square
Green area

117. PARQUE ATLANTA
• Launched in August 2014
• Delivered in June 2016
• Gated comunity
• Controlled access by guardhouse
• Total lots: 335
• Lots from 200sqm
• Leisure area
• Located next to the main city’s shopping mall.
Kiosk
Fitness area
Balroom
Barbecue
Swiming pool
Grass court
Sports courts
Playground
Cooper
Reading area

118. OPERATIONAL RESULTS
LANDBANK
(2016)
SALES
(up to 2016)
LAUNCHES
(up to 2016)
LANDBANK
DISTRIBUTION
(2016)
253MILLION
R$2.4BILLION
R$
6.2MILLION SQM.
R$ 3,799UNITS
2,377UNITS
176MILLION
R$
MG
47%
RJ
25%
RN
4%
SP
8%
BA
16%

119. COMERCIAL RESULTS
7
58
64
2014 2015 2016
729%
10%
15
77
93
2014 2015 2016
413%
21%
Launches % Urbamais (R$ million) Pre-Sales % Urbamais (R$ million)
Source: Urbamais

120. RESULTADOS FINANCEIROS
• Net Profit (R$ million)
• Gross Profit (R$ million)
• EBITDA (R$ million)
• Net Revenue (R$ million)
1,6
13,1
30,364,98% 59,73%
54,65%
-90,00%
-70,00%
-50,00%
-30,00%
-10,00%
10,00%
30,00%
50,00%
70,00%
90,00%
0
5
10
15
20
25
30
35
2014 2015 2016
Lucro Bruto Margem Bruta
-1,5
4,8-59,68%
22,30%
28,50%
-70,00%
-50,00%
-30,00%
-10,00%
10,00%
30,00%
50,00%
2014 2015 2016
EBITDA
2014 2015
-1,7
4,4
-71,85%
20,2…
24,45%
-80,00%
-60,00%
-40,00%
-20,00%
0,00%
20,00%
-4
-2
0
2
4
6
8
2014 2015 2016
Lucro Líquido Margem Líquida
2014 2015
2
22
56
2014 2015 2016
813%
153%
2016
13,5
15,8
4,8
2016
229%
Source: Urbamais
EBITDA Margin
Gross profit Gross margin
Net profit Net margin

121. Contacts
Leonardo Corrêa
Chief Financial and Investor Relations Officer
Ricardo Paixão
Investor Relations and Financial Planning Director
Matheus Torga
Investor Relations Manager
Ph.: (+55 31) 3615-8153
E-mail: ri@mrv.com.br
This presentation is also available on our website : www.mrv.com.br/ri
121