2Q07 Earnings Release2Q07 Earnings Release

Rubens Menin Teixeira de Souza - CEO

2Q07 2Q07 HighlightsHighlights

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Launches grew 93% in the 2Q07 and 159% in the 1H07, compared to 2Q06 and 1H06,respectively:

– PSV of R$ 254 million in the 2Q07 and R$ 494 million in the 1H07

Increase of 199% in contracted sales in the 2Q07 and 219% in the 1H07, compared to 2Q06 and1H06, respectively:

MainMain HighlightsHighlights

– R$ 158 million in the 2Q07and R$ 296 million in the 1H07

Land Bank of R$ 4,3 billion, covering 39 cities

Increase of 148% in the Net Operating Revenue in the 2T07 and 144% in the 1H07

– R$ 80 million in the 2Q07 and R$ 142 million in the 1H07

Gross Margin of 41% in the 2Q07, considering financial earnings from clients

EBITDA grew by 742%, totaling R$ 16 million, with a 20% margin in the 2Q07 compared to 2Q06

Net Income in the 2Q07 was R$ 15 million, with an 18% net margin

MRV’s result to be recognized grew by 36% in relation to the 1Q07, reaching R$126 million 3

NewNew ShareholdersShareholders’ ’ StructureStructure

Closing: August 9, 2007

Primary and Secondary Offering

InitialInitial PublicPublic OfferingOffering

44,2%

33,9%

Primary and Secondary Offering

Total Proceeds: R$1 billion

73% of total proceeds came from foreign investors

373 funds make up for the shareholders’ base

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11,6%5,3%

2,5%2,5%

Rubens Menin Teixeira de Souza Autonomy capital Two Sarl

Unno Participações S/A Maio Participações Ltda

MA Cabaleiro Participações Ltda Conselheiros

Real Estate Market for the Lower Income SegmentReal Estate Market for the Lower Income Segment

ResourceResource OfferingOffering

– Increase of 67% in the savings resourcesmortgage loans by private banks (R$ 7 billion)

–Increase in the net funding by savings (R$ 4billion in the 1H07)

Real Estate mortgage Real Estate mortgage climbing (R$ billion)climbing (R$ billion)

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billion in the 1H07)

–Growth of 27% in the remaining FGTSavailabilities in 2006 (R$71 billion in 2006)

HighHigh DemandDemand

–Interest rates’ reduction

– Financing terms stretching to 25 years

–Limit increase for real estate mortgages

–Interest rates’ reduction of 0.5 p.p. for clientswith R$ 2 thousand to R$ 5 thousand income

Source: ABECIP and Banco Central do Brasil¹ Total of real Estate mortgage with bank savings

Integrated business model

High prospect capacity of land

bankHigh quality team and partnership

culture

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Knowledge and focus on lower

income residential projects

Assembly line with standard, scale

and flexible moulds

Lower operating cycle relative to

standards

Geographic diversity, operating

in 39 cities

Competitive Competitive AdvantagesAdvantages

“MRV 40,000”

– Best practices in the operating and business process

– Personnel and Information Technology Investments

– Facilities’ remodeling

GrowthGrowth ChallengesChallenges

– Facilities’ remodeling

Execution Capacity

– Land bank: 203% increase (R$3 billion) in the land bank price and 15 additional cities in 7months

– Labor: 80% increase in the operational labor force, reaching 4,500 people working inconstruction

– Construction site: 115 construction sites, with a 165 construction sites forecast untilDecember 2007

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Leonardo Corrêa – CFO and Investor Relations Officer

Financial Financial andand OperatingOperating PerformancePerformance

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Financial performance Financial performance –– G&A e SalesG&A e Sales

G&A / Contracted sales (%)G&A / Contracted sales (%) Sales / Sales / ContractedContracted salessales (%)(%)

9

10,0%

7,7%8,6%

9,3%

11,1%

7,7%

2Q06 2Q07 1H06 1H07 1Q07 2Q07

5,2%

4,1%4,6%

3,9% 3,8%4,1%

2Q06 2Q07 1H06 1H07 1Q07 2Q07

PSV PSV ((100% in R$ million)100% in R$ million)

132

254

191

494

239 254

10

9%

39%45%

7%

PRE SALES VALUE MIX- 2Q07

From 38.170 to 80.000 From 80.001 to 130.000

From 130.001 to 180.000 From 180.001 to 260.000

11%

44%

37%

8%

PRE SALES VALUE MIX - 1H07

From 38.170 to 80.000 From 80.001 to 130.000

From 130.001 to 180.000 From 180.001 to 260.000

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2Q06 2Q07 1H06 1H07 1Q07 2Q07

ContractedContracted Sales Sales (% MRV in R$ (% MRV in R$ millionmillion))

146

276

130 146

11

12%

41%29%

18%

CONTRACTED SALES MIX- 2Q07

From 38.170 to 80.000 From 80.001 to 130.000

From 130.001 to 180.000 From 180.001 to 260.000

14%

43%

25%

18%

CONTRACTED SALES MIX- 1S07

From 38.170 to 80.000 From 80.001 to 130.000

From 130.001 to 180.000 From 180.001 to 260.000

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90

2Q06 2Q07 1H06 1H07 1Q07 2Q07

R$ 4.3 billion

44 thousand units

39 cities

12%

50%

38%

LandLand bankbankJuly 31July 31 stst ForecastedForecasted LauchingLauching

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2007 2008 2009LAND BANK PER STATE VGV (R$)

% Participation VGV

Nº UnitsAverage Price

(R$)

Minas Gerais 779.224.400 18% 9.588 81.271

São Paulo 2.619.480.590 60% 24.924 105.099

Distrito Federal 210.124.000 5% 1.542 136.267

Goiás 172.100.000 4% 1.734 99.250

Rio de Janeiro 234.918.500 5% 2.960 79.364

Espírito Santo 179.903.000 4% 1.912 94.092

Paraná 121.799.095 3% 1.324 91.993

Santa Catarina 17.312.080 0% 181 95.647

TOTAL 4.334.861.665 100% 44.165 98.152

Net Operating RevenueNet Operating Revenue(R$ million)(R$ million)

142

13

32

80

58 62

80

2Q06 2Q07 1H06 1H07 1Q07 2Q07

Gross Gross IncomeIncome andand Gross Gross MarginMargin

53

38% 37% 38%

14

10

30

17

23

30

30%

38%

29% 38%

37% 38%

2Q06 2Q07 1H06 1H07 1Q07 2Q07

GROSS INCOME (R$'MM) GROSS MARGIN (%)

Adjusted EBITDA and Adjusted EBITDA MarginAdjusted EBITDA and Adjusted EBITDA Margin

30

15

2

17

5

12 17

6%

22%

8%

21% 20%22%

2Q06 2Q07 1H06 1H07 1Q07 2Q07

ADJUSTED EBITDA (R$'MM) ADJUSTED EBITDA MARGIN (%)

AdjustedAdjusted Net Net IncomeIncome andand AdjustedAdjusted Net Net MarginMargin

24

16

1

16

3

8

16

3%

20%

6%

17%

13%

20%

2Q06 2Q07 1H06 1H07 1Q07 2Q07

ADJUSTED NET INCOME (R$'MM) ADJUSTED NET MARGIN (%)

UnearnedUnearned ResultsResults(R$ (R$ millionmillion))

UNEARNED RESULTS (R$'000) 2Q07 2Q06 1Q07 31.12.2006Chg %

2Q07 x 2Q06Chg %

2Q07 x 1Q07

Unearned sales revenue 242 97 179 119.262 148,6% 35,2%

Unincurred cost of units sold (116) (50) (86) (55.903) 131,5% 34,4%

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Unincurred cost of units sold (116) (50) (86) (55.903) 131,5% 34,4%

UNEARNED RESULTS 126 47 93 63.359 166,6% 35,9%

UNEARNED MARGIN (%) 52,2% 48,7% 52,0% 53,1% - -

OutlookOutlook

MRV strongly believes in the civil construction market’s growth. Our business planning abides by this

belief.

OUTLOOK 2007

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OUTLOOK 2007

PSV (100% MRV - R$'mm) 920 ~ 980Contract sales (R$'mm) 610 ~ 660

Gross Margin 38,0% ~ 41,0%Adjusted EBITDA margin 21,0% ~ 24,0%Adjusted Net margin 19,0% ~ 22,0%

DisclaimerDisclaimer

This presentation contains forward-looking statements. Such statements are not statements of

historical facts, and reflect the beliefs and expectations of MRV’s management. The words“anticipates”, “wishes”, “expects”, “estimates”, “intends”, “forecasts”, “plans”, “predicts”, “projects”,“targets” and similar words are intended to identify these statements. Although MRV Engenhariabelieves that expectations and assumptions reflected in the forward-looking statements arereasonable based on information currently available to MRV’s management, MRV Engenhariacannot guarantee future results or events. Forward-looking statements included in this presentationspeak only as of the end of 2Q07 and the Company does not undertake any obligation to updatethem in light of new information or future developments. MRV Engenharia shall not be responsiblefor any transaction or investment decisions that are taken based on information included in thispresentation.

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ContactsContacts

Leonardo Corrêa

CFO and Investor Relations Officer

Mônica Simão

Financial Director

Juliana Bastos

Investor Relations and Planning Manager

Phone: (31) 3348-7106

E-mail: ri@mrv.com.br

www.mrv.com.br/ri

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