Presentation of 3Q07 Results

Rubens Menin Teixeira de Souza - CEO

Comments on the 3Q07 Comments on the 3Q07

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Name of the game: TEAM!Name of the game: TEAM!

Integrated business model

Huge capacity for land

prospecting and acquisitionHighly qualified

team and culture of ‘partnership’

FINANCIAL MANAGEMENT

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Competitive Competitive advantagesadvantages Experience and

focus on housing for the lower income

segment

Industrial production with standardization,

scale, and flexible modulation

Shorter operational

cycle than the standard for residential

construction

Geographic diversification

COMMERCIALREAL ESTATE DEVELOPMENT PRODUCTION

AREA # Employees % Stocks % OptionsAverage time in

company (years)

Real state development 7 8.12% 0.18% 14.3

Production 7 1.32% 0.48% 12.8

Commercial 3 0.15% 0.17% 4.1

Finance management 10 0.36% 1.34% 5.5

TOTAL 27 9.95% 2.17% 9.5

IntegratedIntegrated ModelModel

Integrated business

model

Huge capacity for land

prospecting and acquisition

Highly qualified team and culture of

‘partnership’

4ProfitabilityProfitability

CompetitiveCompetitiveAdvantagesAdvantages Experience and

focus on housing for the lower income

segment

Industrial production with standardization,

scale, and flexible modulation

Shorter operational cycle than the standard

for residential construction

Geographic diversification

‘partnership’

On course to MRV 40,000On course to MRV 40,000

High capacity of land bank acquisition and project development;

Constant geographic expansion and diversification;

Real increase in production capacity as a result of organic growth and higher number of partners;

Long-term partnerships with suppliers of raw material and equipment, allied to production planning toensure that demand is met;

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ensure that demand is met;

Expansion of own and outsourced sales force;

Investments in technology and information;

Processes optimization;

Investment in employee loyalty.

Leonardo Corrêa – Deputy CEO and Investor Relations O fficer

Financial and Operating PerformanceFinancial and Operating Performance

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Launches grew 473% in the 3Q07 and 225% in the 9M07 compared to the 3Q06 and the 9M06,respectively:

– PSV of R$ 290 million in the 3Q07 and R$ 784 million in the 9M07

Increase of 261% in contracted sales in the 3Q07 and 235 % in the 9M07, compared to the 3Q06and the 9M06, respectively:

HighlightsHighlights

and the 9M06, respectively:

– R$ 218 million in the 3Q07and R$ 513 million in the 9M07

Land Bank worth R$ 6.9 billion, covering 51 cities

Increase of 203% in the Net Operating Revenue in the 3T07 and 167% in the 9M07, year-on-year:

– R$ 113 million in the 3Q07 and R$ 255 million in the 9M07

Gross Margin of 43% in the 3Q07, considering financial revenue from clients

Adjusted EBITDA grew by 308% compared to the 3Q06, totaling R$ 31 million, with a margin of 27.4%

Adjusted Net Income in the 3Q07 was R$ 38 million, with a net margin of 33.4%

MRV’s unearned results grew 43% in relation to the 2Q07, reaching R$181 million

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

Increase in the amount that each unit may get as loan from severance indemnity (FGTS) funds;

Entry of commercial banks in real estate loans based on FGTS funds; and

Huge availability of real estate finance:

• net funds from savings accounts totaled R$ 3.4 billion in September and R$ 14.8 billion in the year;

• increase in the employed population and the volume of salaried hours, directly impacting funds

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• increase in the employed population and the volume of salaried hours, directly impacting fundsavailable in FGTS.

AdjustedAdjusted G&AG&A (R$’000) (R$’000) andand AdjustedAdjusted G&AG&A / / ContractedContracted Sales (%)Sales (%)

Productivity Indicators Productivity Indicators –– General and Administrativ e General and Administrative (G&A) Expenses(G&A) Expenses

12.8%

9

7,722

14,102 15,707

35,129

10,533

14,102

6.5%

10.3%

6.8% 6.7% 6.5%

3Q06 3Q07 9M06 9M07 2Q07 3Q07

Adjusted G&A Adjusted G&A / sales

6.0%

Productivity Indicators Productivity Indicators –– Selling ExpensesSelling Expenses

Selling Expenses (R$ ‘000) and Selling Expenses / C ontracted Sales (%)

3,632

8,447 7,910

20,083

6,449

8,447

3.9%

5.2%

3.9%4.1%

3.9%

3Q06 3Q07 9M06 9M07 2Q07 3Q07

Selling Expenses Selling Expenses / sales

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PSV PSV (100% (100% in R$‘000)in R$‘000)

783,457

15%

51%

27%

7%

Launch Mix - 9M07

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50,541

289,723 241,372 254,474

289,723

3T06 3T07 9M06 9M07 2T07 3T07

Up to 80,000 From 80,001 to 130,000

From 130,001 to 180,000 Over 180,000

20%

63%

11%

6%

Launch Mix - 3Q07

Up to 80,000 From 80,001 to 130,000

From 130,001 to 180,000 Over 180,000

513,298

Contracted SalesContracted Sales (100% in R$’000(100% in R$’000))21%

32%23%

24%

Contracted Sales Mix - 9M07

60,304

217,530

153,141 157,677

217,530

3Q06 3Q07 9M06 9M07 2Q07 3Q07

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Up to 80,000 From 80,001 to 130,000

From 130,001 to 180,000 Over 180,000

18%

25%

20%

37%

Contracted Sales Mix - 3Q07

Up to 80,000 From 80,001 to 130,000

From 130,001 to 180,000 Over 180,000

LandLand BankBankOctober 31st, 2007 (100%)

LAND BANK PER STATEPSV

(R$ Million)% per State

#

Projects

# Units

(Thousand)

Average Price

(R$'000)

Area

(m2 thousand)% Swap

São Paulo SP 4,042.3 58.3% 121 38.3 105.4 2,214.0 28.5%

Minas Gerais MG 1,369.3 19.7% 56 16.5 83.0 900.3 17.0%

Rio de Janeiro RJ 368.0 5.3% 12 3.8 96.4 202.6 22.7%

Goiás / Distrito Federal GO/DF 329.5 4.8% 10 3.4 98.2 227.6 60.1%

Paraná PR 252.1 3.6% 15 2.4 105.6 127.9 29.7%

Rio Grande do Sul RS 239.1 3.4% 7 2.3 105.7 121.6 13.6%

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Rio Grande do Sul RS 239.1 3.4% 7 2.3 105.7 121.6 13.6%

Espírito Santo ES 237.2 3.4% 6 2.6 92.3 163.3 0.7%

Santa Catarina SC 76.2 1.1% 5 0.8 94.1 49.5 16.6%

Bahia BA 20.0 0.3% 1 0.2 100.0 10.6 0.0%

TOTAL 6,933.8 100% 233 70.2 98.7 4,017.4 24.5%

LAND BANK PER TOWN - EVOLUTION R$'Million

REGION Dec31, 06 Mar31, 07 Jul31, 07 Oct 31, 07

State Capitals and greater areas 587.4 611.5 1,904.0 2,768.0

Smaller cities 845.3 916.4 2,430.9 4,165.8

TOTAL 1,432.7 1,527.8 4,334.9 6,933.8

Dec 31, 2006

1,432.7

Mar 31, 2007

1,527.8

Jul 31, 2007

4,334.9

Oct 31, 2007

6,933.8

Dec 31, 2006 Mar 31, 2007 Jul 31, 2007 Oct 31, 2007

Net Operating RevenueNet Operating Revenue

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37,451

113,328

95,631

255,179

80,326

113,328

3Q06 3Q07 9M06 9M07 2Q07 3Q07

Gross Income andGross Income and Gross Margin Gross Margin

38%41% 32%

39% 38%41%

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14,180

45,902 30,950

99,129

30,443 45,902

38%

3Q06 3Q07 9M06 9M07 2Q07 3Q07

Gross Income Gross Margin

Adjusted EBITDA and Adjusted EBITDA MarginAdjusted EBITDA and Adjusted EBITDA Margin

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7,607

31,067

13,392

60,972

17,498

31,067

20%

27%

14%

24%22%

27%

3Q06 3Q07 9M06 9M07 2Q07 3Q07

Adjusted Ebitda EBTIDA Margin

62,268 33%

24%

33%

Adjusted Net Income and Adjusted Net MarginAdjusted Net Income and Adjusted Net Margin

6,029

37,880

10,301

16,139

37,880 16%

11%

24%

20%

3Q06 3Q07 9M06 9M07 2Q07 3Q07

Adjusted net Income Net Margin

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Unearned Results (R$’000)Unearned Results (R$’000)

R$ thousand

UNEARNED RESULTS 3Q07 3Q06 2Q07Chg. %

3Q07 x 3Q06Chg. %

3Q07 x 2Q07

Unearned Sales Revenues 326,881 106,637 242,048 206.5% 35.0%

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Unearned Sales Revenues 326,881 106,637 242,048 206.5% 35.0%

Unincurred Cost of Units Sold (145,482) (56,889) (115,579) 155.7% 25.9%

Unearned results 181,399 49,748 126,469 264.6% 43.4%

Unearned margin (%) 55.5% 46.7% 52.2% 8.8 p.p. 3.3 p.p.

MRV continues to believe firmly in the growth of the construction market and this belief has been guiding

our operational plans. Below is our outlook for 2007 and 2008:

OutlookOutlook

GUIDANCE 2007 original 2007 revised 2008

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PSV (100% MRV - R$ million) 920 ~ 980 1,030 ~ 1,100 2,000 ~ 2,200Contracted sales (R$ million) 610 ~ 660 640 ~ 690 1,500 ~ 1,700

Gross margin 38% ~ 41% 39% ~ 41% 40% ~ 44%EBITDA margin* 21% ~ 24% 24% ~ 26% 24% ~ 28%Net margin* 19% ~ 22% 24% ~ 26% 21% ~ 25%

* For 2007, read Adjusted EBTIDA margin and Adjusted Net margin.

This release contains forward-looking statements that are not merely historical facts

but reflect the goals and expectations of MRV Engenharia’s management. Wordssuch as “anticipates”, “believes”, “may”, “will”, “expects”, “intends”, “plans”,“estimates” or similar expressions are forward-looking statements. Though we believethat these forward-looking statements are based on reasonable assumptions, they

DisclaimerDisclaimer

that these forward-looking statements are based on reasonable assumptions, theyare subject to risks and uncertainties, and are based on information currentlyavailable with MRV Engenharia. This presentation is current as of end 2Q07 andMRV Engenharia takes no responsibility to update it with new information and/orforward-looking statements. MRV Engenharia is not responsible for investments orinvestment decisions based on information contained in this presentation.

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ContactsContacts

Leonardo Corrêa

Deputy CEO and Investor Relations Officer

Mônica Simão

CFOCFO

Juliana Bastos

Manager - Investor Relations and Planning

Telephone: (31) 3348-7106

E-mail: ri@mrv.com.br

www.mrv.com.br/ri

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