MRV ENGENHARIA E PARTICIPAÇÕES S.A. Corporate Presentation Disclaimer

The material that follows is a presentation of general background information about MRV Engenharia e Participações S.A. and its subsidiaries (collectively, “MRV” or the “Company”) as of the date of the presentation. It is information in summary form and does not purport to be complete. No representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the accuracy, fairness, or completeness of this information.

This presentation may contain certain forward-looking statements and information relating to MRV that reflect the current views and/or expectations of the Company and its management with respect to its performance, business and future events. Forward looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like “believe,” “anticipate,” “expect,” “envisages,” “will likely result,” or any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation. In no event, neither the Company nor any of its affiliates, directors, officers, agents or employees shall be liable before any third party (including investors) for any investment or business decision made or action taken in reliance on the information and statements contained in this presentation or for any consequential, special or similar damages.

This presentation does not constitute an offer, or invitation, or solicitation of an offer to purchase any securities. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever.

The market and competitive position data, including market forecasts, used throughout this presentation was obtained from internal surveys, market research, publicly available information and industry publications. Although we have no reason to believe that any of this information or these reports are inaccurate in any material respect, we have not independently verified the competitive position, market share, market size, market growth or other data provided by third parties or by industry or other publications. MRV does not make any representation as to the accuracy of such information.

This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in whole or in part without MRV’s prior written consent.

2 MRV at a glance

▪ Leading homebuilder in Latin America with over 377 thousand units sold ▪ 38 years of history with presence in all Brazilian key markets ▪ National footprint: presence in 149 cities and 22 states in Brazil ▪ MRV is listed under “Novo Mercado”, the highest corporate governance level ▪ MRVE3 is part of 15 Brazilian stock indexes (B3) ▪ Market cap of R$ 5.7 billion (US$ 1.7 billon*) ▪ MRVE3 average trading volume at B3: US$ 13.5 million (4Q17) ▪ The most liquid ADTV among Brazilian homebuilders ▪ Standardized operation aiming high efficient and productivity ▪ 5 years of recurrent cash generation ▪ Continuous innovation to support sustainable and profitable growth ▪ Over 22 thousand employees across the country

3 * (12/29/2017: US$ 1 = R$ 3.3077) Strong Corporate Governance

✓ MRV is listed under “Novo Mercado”, the highest corporate governance level ✓ Benchmark in Sustainability: only homebuilder included in B3 Sustainability Index (ISE) ✓ Board of Directors composed by 7 members (4 independents) ✓ Executives interests in line with our shareholders through long term Stock Option Plan

✓ Free float represents 64,7% of shareholder’s equity EXECUTIVE COMMITTEES • Risk and Compliance • Governance, Ethics and Sustainability Shareholders Structure • Human Resources • Commercial and Credit 59.6% 33.0% 5.1% 1.8% 0.5% • Real Estate Financing • Production • Other • Rubens • Prudential • Executives • Treasury Shareholders Menin T. de Plc. and Board shares • Communication Souza Members • Legal

Communication Chanel: • • Founder and controlling shareholder with a long term vision Shareholders' recommendations: • Growth and sustainability interests are aligned with minority shareholders [email protected] • Confidential Channel: https://canalconfidencial.com.br/mrv/ 4 Expressive sales and net revenue growth

NET SALES NET REVENUE CAGR 2008 - 2016 CAGR 2008 - 2016

Source: Companies' Financial reports. 5 Brazilian peers: Gafisa, Tenda, Rossi, Tecnisa, Cyrela, Even, Ezetc, Direcional, Helbor, Rodobens Market share

Geographic diversification provide us a Leadership in the low income segment unique position compared to our peers

Launches - LTM Sales – LTM (R$ million) (R$ million)

Total: US$ 2,186 million Total: US$ 1,908 million

➢ MRV is the main low income homebuilder in Brazil ➢ National footprint provide us more capillarity and ➢ 1 out of 200 Brazilians is a MRV client protection from local economy activity downside 6 Source: ER from companies * (11/13/2017: US$ 1 = R$ 3,287) With significant progress year over year

Best ROE in the sector, with greater potential to increase Market consensus: growth in mid term and 24% shareholders return. stock price potential upside ROE x P/BV Recommendation: Buy (8 banks), Neutral (2 banks) Potential MRVE3 Average Target Price: R$ 17.25 (US$ 5.22) upside MRVE3 as of 12/29/2017: R$ 13.04 (US$ 3.94) 24%

NET REVENUE (R$ million) NET INCOME (R$ million)

➢ MRVE3 is the most valuable stock in the low income segment ➢ Shareholders return through dividends and stock repurchase ➢ US$ 1,345 million in dividends pay out since the IPO (2007) ➢ US$ 365 million in shares buyback program (11% of existing shares) CAGR 2007-2016: CAGR 2007-2016: 30.6% 33.0% 7 * Analysts’ average consensus. * (12/29/2017: US$ 1 = R$ 3.3077) Quality execution – most attractive and well priced product

8 Quality in execution and cost efficiency

Enhancement of productivity indexes and faster asset turnover Our structure is ready to absorb 50k units/year

PI x PS Evolution G&A / Net Revenue

enhancement Internal PI Since 2015, the Company Benchmark began to adjust its 3.2 overhead structure to Internal PS absorb greater volume of Benchmark launches, which will dilute 8% even more the expenses.

Gross margin % Aluminum Brickworks + Molds molds Construction Methods Evolution (# units) Improvement in execution 6% 2% 33% 59% + Asset turnover capacity, productivity and + Standardization reducing cost discrepancy. + Productivity – Overhead structure 2014 2015 2016 2017 – Cost discrepancy

9 PI (Productivity Index): Shows how many people are necessary to build one unit. The guideline is: the lower the indicator, the better the result. PS (Production Speed): Shows the monthly POC of the ongoing projects. The guideline is: the higher the indicator, the better the result. Solid cash position & low leverage

5th year of recurrent Cash Generation totaling R$ 2.8 billion MRV keep investing in landbank in order to sustain its organic growth

Cash position x Leverage Lanbank (R$ billion) (R$ billion)

➢ The Company's growth has been based on financial efficiency and profitability. ➢ MRV is capable to continuous generate cash, invest in landbank and provide return to the shareholders, maintaining the company’s healthy capital structure – low leverage and high cash position.

➢ Highest credit corporate rating in the sector (brAA-) by Fitch and Standard & Poor´s. 10 Solid demand in the long term and fund availability

Brazilian housing demand supply Positive view from macroeconomic recovery

Brazilian housing demand (accumulated) FGTS Net collection (in million units) (R$ billion) In the next 20 years the market needs to delivery ~30 million houses to meet the total demand. The Company sustainable growth will significantly contribute to it.

Supported by FGTS (Severance Pay Fund for workers) The main source of funding for low income housing *2017: Abrainc projection,

➢ With the economy recovery (jobs creation and GDP growth) the FGTS Budget from 2018 to 2021: FGTS fund is going to improve even more its capacity to provide mortgages. R$ 260 billion to finance low income housing or 1.6 million units ➢ FGTS balance sheet remains robust (AUM R$ 505 bi), reaffirming its sustainability on financing the housing market.

Source: Preliminary data from “Estudo Demanda Futura, UFF, 2016”, “Secretaria Nacional de Habitação” and “Ministério das Cidades” Source: FGTS Multiannual budget, Bacen 11 Housing Program: FGTS + MCMV (Minha Casa Minha Vida)

Housing Program HOUSING PROGRAM BENEFITS in Brazil ➢ Political dividends

Low income Mid/high income ➢ GPD formation

➢ Jobs creation FGTS MCMV SBPE (contribution from (Subsidies from (savings deposits) ➢ Positive Fiscal Balance = 3.3% companies) government)

▪The main source ▪The main source of • The main source of Typical MRV Client has 7% subsidy of loans subsidies to clients loans 0.7% from treasury ▪AUM R$ 486 bi ▪Budget = R$ 2 billion • AUM R$ 626 bi ▪R$ 269 billion in ▪Up to R$ 47,500/unit • Units above R$ 240 6.3% from FGTS mortgages thousand MCMV 4.0% Fiscal 0.7% Real Estate Balance is Income Subsidies positive MRV Taxes 3.3%

12 Source: FGTS – Set/17 Expansion plan

Geographic diversification Landbank position ('000 units) # of cities Market deterioration contributed to buy well located plot of lands with better prices CAGR: 5.2% From 2007 to 2013 149 Strategy to increase 145 diversification

134 128 From 2014 to 2017 Land Strategy to increase acquisition market share in with 31% larger cities discount 2014 2015 2016 2017

The expansion plan aims to increase market share in Landbank is ready to support the company growth. larger cities where is concentrated the high demand From 2014 landbank in larger cities has increased by 91% for affordable houses in Brazil. 13 Potential for Growth: inventory level and location

2015 2016 2017 Average sales/month: 126 Average sales/month : 99 Average sales/month : 97 Average inventory: 1,334 Average inventory : 1,256 Average inventory : 1,210

More dispersion

among the “stores” : 446,649 :

More launches

Population São José Preto do Rio The inventory level and location impacts directly in sales volume More units

available : 2,458,504 :

Goiânia More sales volume

(metropolitan region) region) (metropolitan Population Average sales/month : 27 Average sales/month : 45 Average sales/month : 112 Average inventory : 572 Average inventory : 1,219 Average inventory : 1,580 14 MRV Landbank Software

MRV LANDBANKS

Landbank Edit Landbank SAVE Simulations

MAP GENERAL DATA SELLER DATA BOUGHT Name of the Landbank 1 5,000 sq.m.

APPROVING Technical Viability 1 Gross Margin MRV Cost $ 140,000,000 $90,000,000 $ 90.000,00 Average selling price Average Selling Price $ 140,000,000 $ 140,000,000

João da Silva 09/06/2016

REJECTED Technical Vianility 1

Simulation of Unified Visual register of landbank viability for landbank management of acquisition Monitoring of efficiency of the 15 landbank buyers Contacts

Leonardo Corrêa Chief Financial and Investor Relations Officer

Ricardo Paixão Investor Relations and Financial Planning Officer

Matheus Torga Investor Relations Manager

Phone: (+55 31) 3615-8153 E-mail: [email protected]

This presentation is also available on our website: ri.mrv.com.br

38 years of history

MCMV 3

2018 MCMV 2 IPO MCMV 1

Start of Enactment of Private Equity Geographic Foreclosure / Diversification Deed of Trust by Financial Institucions Beginning of MRV relationship Foundation Equity Follow-On 1st Negotiation Correspondant Banks Resume Mortgage Lending ADRs Level1

3,000 units per year 25,000 units per year 40,000 units per year 18 Segment of Operation Business Model – Focus on low income

Real Estate - Medium/ High Real Estate –Low Income Income Purchasing Rational Instalments lower than rent -

Purchasing Reason Necessity (1st real estate) Upgrade Funding Abundant and unchanged rates Scarce and recent increase of (FGTS) rates (Saving Accounts) Product Standardized Exclusive Financing Transference During construction phase After key-delivery Cash Flow Receiving in accordance with the Financing Provision at the end construction evolution of construction period Price In line with the inflation ~4x bigger than inflation

20 Client Profile

Low Income Medium/High Income

➢ Search of the first real estate for family formation ➢ Couples ➢ 77% of the clients are single/ engaged ➢ 56% are single and 52% have children ➢ Income range: 61% have an income of up to R$ 2,700 ➢ The monthly medium income is R$ 8,390, being that 41% earn ➢ Young clients: 50% are up to 30 years old more than R$ 10 thousand ➢ LTV of 75% ➢ Medium LTV of 62%

What our clients are looking for? What the clients are looking for? Purchase Motivation

Location

Playground area

Marriage

* Data from March 2015 Source : BO MRV –Mortgage Lending 06/09/2016. 21 1) Minimum Wage 2017: R$ 937.00 Source: Inteligência de Mercado Lopes 2015, ACEBIP and BACEN. Evolution of Real Estate Prices

The evolution of low income real estate prices has less volatility and more consistency than the medium/high income, preventing the creation of a housing bubble.

 Low offer and high demand of low income real estate  MCMV Conditions: ▪Limited income and sales price ▪Sales of 1 real estate per Individual Taxpayer Registration Number ▪Impossibility of resale a unit under the MCMV

Economic Segment: focus on the acquisition of the 1st real estate, where there is no speculation and exists huge housing deficit.

Appreciation in line with the inflation and low cost financing produces a significant reduction of LTV’s (inflation higher than TR).

Source: Low income Real Estate: MRV Medium Price, in 2017 price was adjusted with inflation 22 Real Estate Medium/ High Income: Variation FIPE Zap (in 2017, decrease of real price of the units) Market Opportunities Housing in Brazil: 70 years of investment in housing programs

Source: FGV, EESC –USP, FGTS R$ 63.5 BI Financed units FGTS DISCOUNT

• 92% of the resources intended for the population with income above R$ 10.11 BI OGU DISCOUNT 5 M.W. - 80% of population receive below this R$ 7.76 BI • only 33.5% of the financed units were intended for popular sectors 4,914,288 FGTS DISCOUNT

3,318,508 2,864,500

1,263,500 1,355,000 857,000 454,000 120,000

1930 - 1946 1964 - 1975 1976 - 1982 1983 - 1986 1987 - 1992 1993 - 1997 1998 - 2008 2009 - 2017

• 2000: FHC establishes the Carta • 1964: Creation of SFH and • 1930: Real Estate credit • 1990: Collor creates the de Crédito Individual e • 2009: Creation of MCMV – The BNH – with compulsory offer by the Caixas • 1986: Extinction of BNH Plano de Ação Imediata Associativa in FGTS and the biggest housing program in the collection of 1% of monthly Econômicas due to financial difficulties para a Habitação (PAIH), continuity of projects such as Pró- country payment in the inflationary period which antecipated the Moradia and Habitar Brasil. • 1946: Creation of Casa and increasing FGTS’ construction, in an • Investment: R$ 294 billion • 1967: Creation of FGTS – Popular Fundation – First withdrawals emergencial manner, of • 2004: Política Nacional de • 10 million brazilians benefited collection of 8% of monthly national housing policy 245 thousand houses Habitação (Lei 10.931) - Social • Maximum income of R$ 6,500 payment Subsidy Interest Housing Program

Funding – governmental 24 contributions Funding – FGTS and SBPE SFH - Brazilian Housing Finance System

FGTS (Severance Pay Fund) - The main source of fund for MRV

Workers are Borrowers can use the account remunerated 3% balance in few cases: Mortgage Interest per year+TR Total Rate from 5% to Balance of 9.16% a.a + TR R$ 505.8 12% Mortgage Units up to: billion R$ 300,000 The source cames from 66% Termination of work employers depositing 8% of the monthly salary of (Set/17) 14% Retirement all workers Source: Caixa 8% Others

SBPE SBPE Resources Units of R$300,000 to R$950,000* Interest Rate from 9.2% 1 to 11% +TR 65% Real Estate Credit Borrowers can go to any bank and apply for a real estate loan Deposits made on the 30% Legal Reserves according to their credit rating savings of commercial banks 5% Free Resources Balance of R$ 726 billion Units above: (Jan/18) Market Rate Notes: R$950,000 1) If the client has a salary account in CEF the interest rate can reach 9.75%. In BB it can reach 9.65%+TR. Source: Bacen 2) If the client has a salary account in the bank, the interest rate can reach 10.7%+TR. Interest Rate from 12.25 2 % +TR 3) 20% for compulsory deposit (remunerated by SELIC) and 10% for additional compulsory (corrected by TR) 25 * States of DF, MG, RJ, SP: R$ 950,000; other states: R$ 750,000. FGTS

Net Collection (billion) Withdrawals (R$ billion)

¹ Source up to 2011: PME Unemployment rate and source from 2012: PNAD due to its better sensibility and comprehensiveness. Budget (R$ billion) 2018 2019 2020 2021 From 2018 to 2021 the FGTS budget is R$ 260 billion to be invested in Housing.

Source: IBGE, CAGED e FGTS – Sept/17 Obs: In 2007, retirement withdrawals increased significantly due to the spontaneous 26 retirement approval by Federal Supreme Court, reducing the net collection in the period. Minha Casa Minha Vida – Housing Program

APRIL/09 TO DEC/10 JAN/11 TO DEC/14 84% das vendasJAN/15 MRV TO são JAN/17 2017-2018 realizadas pelo sistema Program Resources (R$ billion) R$ 34 R$ 72.6 PRICE* R$ 41,2 R$ 41,2

Units to be built 1,000,000 3,100,000 ¹ 2,000,000 Monthly Income Income Units Income Interest Rate Units Income Interest rate Units² Income Interest rate Units² Group 1 Up to R$ 1,325 482,741 Up to R$ 1,600 4% + TR 1,226,605 Up to R$ 1,800 TR 53,748 Up to R$ 1,800 TR 170,000

Group 1.5 - - - - - Up to R$ 2,350 5% + TR Up to R$ 2,600 5% + TR 80,000

Up to R$ 2,455 5% + TR Up to R$ 2,350 5.5% + TR Up to R$ 2,600 5.5% + TR Group 2 Up to R$ 2,790 375,764 Up to R$ 3,275 6% + TR 1,216,341 Up to R$ 2,700 6% + TR 645,692 Up to R$ 3,000 6% + TR 800,000 Up to R$ 3,600 7% + TR Up to R$ 4,000 7% + TR

Group 3 Up to R$ 4,650 146,623 Up to R$ 5,000 7.16% + TR 307,054 Up to R$ 6,500 8.16% + TR 113,930 Up to R$ 7,000 8.16% + TR 200,000

Group 3 Plus Up to R$ 9,000 9.16% + TR Not available Target (Term) dec-2010 dec-2015 jan/17 dec-2018

2 years 5 years 1 year 2 years 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. 27 ⁴ Details not yet released Minha Casa Minha Vida: Subsidies and Units Price UNITS PRICE

SUBSIDIES

GROUP GROUP 1.5 GROUPS GROUPS 2 AND 3

The Group 1 subsidy is financed with treasury resources. GROUP GROUP 3 PLUS 2 28 Typical MRV Client: Payment Breakdown

Payment Breakdown: Typical MRV Client WHERE DOES THE SUBSIDIES COME FROM? MCMV Group 2 Unit Price: R$ 150,000 0.7% from OGU (National General Budget) 6.3% from FGTS

Down Mortgage payment with MRV FGTS 3% Subsidies Revenue Taxes per unit sold is 4% 11% 4% 6%

MCMV 4.0% Fiscal 0.7% Mortgage with banks Real Estate Balance is Income (CEF and BB) Subsidies positive 76% Taxes 3.3%

The above tax does not include other indirect taxes such as VAT, Social securities and others.

29 MRV on MCMV – Potential for expansion in the next years

Share MRV Contracted Units- January 2015 to October 2017 Capitals Secondary cities 37.4% 20.5% 5.2% 22.0% 0% 17.5% 0% 0% 25.6% 15.9% MRV 8.9% 15.7% MCMV 0% 14.1% 28.4% 18.1% 0% 19.7% 10.8% 8.8% 8.2% 43.1% 8.3% 22.1% 16.6% 23.1% 17.1% 23.6%

Average Average 9.8% 26.8% 27.7% 30 Contracted and Delivered Units

Contracted Units MCMV

Delivered Units MCMV

31 Source: Ministério das Cidades – Datas 2017 up to October/2017 Resources invested in the program

✓ Group I – According to Ministry of Planning Budget (PAC) ✓ Group II – According to FGTS 2

MCMV 1 (Apr/2009 - Dec/2010) MCMV 2 (Jan/2011 - Ago/2015) MCMV 3 (Jan/2016 - Jan/2017)** MCMV 3 (Jan/2017 - Dec/2018)** Contracted Units up to Resources (R$ Units up to Resources (R$ Estimated Resources (R$ Program Groups Family Income Resources (R$ million) Family Income Family Income Family Income Units Ago./2015 million) Jan/2017 million) Units million) Group 1 Up to R$1,395 482,741 R$ 17,999 (OGU) Up to R$ 1,600 1,226,605 R$ 63,724 (OGU) Up to R$ 1,800 53,748 R$ 1,409 (OGU) Up to R$ 1,800 170,000 R$ 203 (OGU) From R$ 1,800 to From R$ 1,800 to R$ 80,000 Group 1.5 R$ 2,350 2,600

From R$ 1,395 to R$ 1,068 (OGU) + From R$ 1,600 to R$ 4,369 (OGU) + From R$ 2,350 to R$ 805 (OGU) + From R$ 2,600 to R$ R$ 322 (OGU) + Group 2 375,764 1,213,341 645,692 800,000 R$ 2,790 R$ 3,187 (FGTS) R$ 3,275 R$ 17,104 (FGTS) R$ 3,600 R$ 3,689 (FGTS) 4,000 R$ 1,475 (FGTS)

From R$ 2,790 to From R$ 3,275 to From R$ 3,600 to From R$ 4,000 to R$ Group 3 146,623 - 307,054 R$ 110 (FGTS) 113,930 R$ 105 (FGTS) 200,000 R$ 46 (FGTS) R$ 4,650 R$ 5,000 R$ 6,500 7,000 From R$ 7,000 to R$ - Not Available - Group 3 Plus 9,000

TOTAL 1,005,128 R$ 22,254 2,750,000 R$ 85,307 813,370 R$ 6,008 2,000,000* R$ 2,046

• 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 32 * 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/ Market Highlights Competitive Advantages and Market Potential

Nationwide Footprint MRV inhabitants x Landbank in PSV Potential market penetration per month - Present in 22 States and Federal District - 149 cities attended by the Company

Northeast Total # of Cities x Gross Margin 3.5 million Potential (R$ 6.7bi) 13,719

Additional 10,704 Potential

Middle-west

1.5 million MRV Actual (R$ 3.8 bi) 3,015 Southeast Performance

11.5 million Sales increment (0.72/1000 habitants) (R$ 30.5 bi) Average sales / month (2016) South 2.4 million (R$ 5.4 bi)

34 Note: *Information from Statistics and Information Center, from João Pinheiro Foundation. Stores Strategy: implemented strategy, sales increase

The strategy consists in having the right amount of land well balanced in each region of the cities, to supply the demand. Fortaleza 2016 DISPERSION: STORES AND LAND 2017 DISPERSION: STORES AND LAND

Fortaleza Fortaleza

Landbank Units for sale Landbank Units for sale Sales level: 60 sales/month Sales level: 90 sales/month Inventory: 930 units Inventory: 1,100 units Dispersion: Units in 2 stores Dispersion: Units in 4 stores 35 Competitive Advantages – Market Leader in Brazil

% of launches in MCMV Program (Groups II and III) – in PSV Launches Eligible to MCMV Nominal Value (R$ billion) (Groups II and III)

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

% of total launches – in PSV

In 3Q17, MRV achieved important marks among the listed companies:

➢ 65% of launches market share in group II and III of MCMV Program;

➢ 44% of total launches in the quarter. 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 36 Note: The data are estimated and based on the listed Companies’ earnings releases. Other listed companies Competitive Advantages – Sales Structure

Sales Channels

➢ We have over 4,600 internal brokers, 100% focused in MRV products. ➢ We invest in training and sales techniques to enhance the productivity and quality of our sale process. ➢ Management of commissioning policies of the internal team and definition of sales strategy.

37 Competitive Advantages – Effective Marketing Campaigns

Marketing Investment: Investments Results:

 R$ 2.5 Billion in virtual sales per year. 1 ANNUAL INVESTIMENT  135 virtual attendant focused in high quality R$ 120 Million attendance located in Belo Horizonte.

2 REACHING  155 virtual bases all over Brazil with 1,800 brokers

140 Million Brazilians (70% of population)

3 MAIN CHANNELS

Television 30%, Internet 26%, Trade MKT 19%, Newspaper 3%, Other medias: 22%

38 Data base: November 2017 Competitive Advantages – Online and Social Midia leadership

39 Sources: Alexa and Similar Web – November 2017 Client Relationship

#MeuMundoMelhor “Conexão MRV” Relationship Portal General Accesses: +200,000 +5,000,000 3,655,272 Views of the videos 2017 Views of the videos “Conexão MRV” Client Access: #MeuMundoMelhor 69,947 Monthly Average of Single Calls

Costumer Service MRV in Midias 425,855 Number of answered 483,484 followers in Twitter Complaints: calls in 2017 0.58%*

608,165 followers in Google + Year 2017

Resolved demands on 1st contact 92.74% 3,978,053 Facebook fans 2017

*Number of complaints over total clients (5 years) – Annual view Pre – Sales (% MRV – R$ million)

Pre-sales per launching period Pre-sales per launching period

Inventory Duration

Sales over Supply

41 Sales over Supply = Pre-sales / (Beginning Inventory + Launches) Market leader in the main commercial indicators

In 3Q17, MRV launched twice as much the second peer

Launches

(R$ million)

million R$

3Q16 2Q17 3Q17

42 Market leader in the main commercial indicators

In 3Q17, MRV sold three times as much the second peer

Net Sales

(R$ million)

million R$

3Q16 2Q17 3Q17

43 Operational Advantages Production Team

✓ Approximately 18 thousand people dedicated to Production 10 Directors ✓ Employees on a leadership position (directors, managers and coordinators) have been working in the company for an average of 9 years. 24 Managers ✓ At this time, we have 206 sites under construction, located in the following areas:

55 Coordinators

340 Engineers Northeast 26 (12.7%)

904 Engineering Auxiliary and Building Technicians and Interns Middle-west 11 (5.3%) Southeast 127 (61.6%)

18,882 in other positions, being 9,903 MRV employees and 8,979 third part employees. South 42 (20.4%)

Data-base: Dec/2017 45 Operational Advantages – Mechanization and New Technologies

Prefabricated and Hydraulic Kit Concrete standardized door

Standardization, Mechanization and Intelligent Processes

Reduced workforce Less generated waste Greater production rationalization Better site organization Standardized projects Aluminum Forms Hoisted Slab Higher speed of production Strategic equipment team Simplification of projects Economically viable Greater environmental sustainability Increased work security

46 Operational Advantages - Cost Improvement

Years Sample Average Stand. Deviation Variation Coeficient (%) It is possible to identify a decrease in average cost, reaching the lowest level in 5 years. 2012 107 30.36 4.977 16.39% 2013 152 29.69 4.270 14.39% Which means that our projects are with a better operational efficiency.

2014 135 29.73 4.581 15.41% HisHistogramtograma dofe VthealoSumr Pro ofjeçtheão dprojectede Custo Mcostês MRV 2015 100 28.77 4.136 14.38% 16 YearAno 2016 109 27.39 4.905 17.91% 2012 14 2013 2017 90 25.18 3.930 15.60% 2014 2015 12 2016 2017 10 BoxplotBoxplot dofe VthealorSum Proj eofçãtheo deprojection Custo Mêscost MRV a Avg. St Dev N

i Média DesvPad N c

n 30,36 4,977 107 30.36 4.977 107 45 ê 29,69 4,270 152

u 8 cost

q 29.6929,73 4.2704,581 131525

V r

R 28,77 4,136 100 F 29.73 4.581 135

40 Frequency 6

M 27,39 4,905 109

ê 28.7725,18 4.1363,930 91000 M

4 27.39 4.905 109 o

projection 35

s u

of 25.18 3.930 90 C

e d

value ã

ç 0 e

j 16 20 24 28 32 36 40 44

the o

r 25

P of

Valor PrSumojeçã ofo dprojectione Custo Mêcosts MRvalueV

a Sum V 20 Increase of efficiency results in: 2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017 ✓ Less discrepancy in costs and quality; AYearno ✓ Lower execution cost 47 Data-base: December 2017 Operational Advantages – Delivered Units

Delivered units 9M17

Delivered units 2016

48 Note: Units presented in (‘000) units. Operational Advantage - Administrative Structure

Client Relationship and Internal Specialized Services Communication • R$ 400 million collected per month • + 5 million views of #MeuMundoMelhor videos. • + 3,000 current accounts reconciled per month • + 3 million acesses to the Relationship Portal in 2017 • + 3,000 new registered contracts per month • 426 thousand: answered calls in 2017 • 218 employees • +53 Thousand downloads of Clients App

Information Technology

SSC – Shared Service • R$ 211 million of investment in IT (5 years) Center • More than 5,500 work station • R$ 4.5 Billion in payments in 2016 • High Availability and Scalable System – • 50 thousand processed Invoices in November 2017 private and public cloud • 20,520 Employees paid per month • Cutting-edge technologies: BIM, Artificial • 260 Employees Intelligence, BOTs and Predictive Analysis. 49 Financial Advantages Typical MRV accumulated Cash Flow

Average Collection Period (in days)

Working Capital Need (in days)

Since simultaneous sales process started, MRV has considerably decreased its collection period, contributing to less working capital need per project launched.

Working Capital Need = Payables – Receivables (inventory not included) 51 Consistency and stability of the Company’s yields

52 Financial Indicators

Net Revenue (R$ million) R$ millionR$

3Q16 2Q17 3Q17 Gross Margin %

3Q16 2Q17 53 3Q17 Financial Indicators

Net Income (R$ million)

million R$ R$

3Q16 2Q17 3Q17 Net Margin - %

3Q16 2Q17 54 3Q17 Subsidiaries Subsidiaries

MRV share: 40% 45,.92% Present in 25 cities and 9 estates

Extended experience in creating business Logistics Complex and developing assets. 100% Greenfield Full control of the cycle, since Controls complete cycle of development, the landbank acquisition until the delivery of the project construction and administration of its assets. Multi-tenant Projects in modules Flexible architecture Lease term of 2 to 10 years

Shopping Centers Strip Malls Loteamentos Industriais

100% Greenfield 100% Greenfield 100% Greenfield Complete Shoppings Full control of the cycle, since the Regional Commercial Centers landbank acquisition until the delivery Operated by specialized of the project Companies

56 Subsidiaries

Development and commercialization of urban lots in residential and commercial segments, all sustainably developed.

60%

Executives 40%

❖ Urbamais operates (i) researching and identifying distinguished areas, aiming to boost the success of its allotments, and (ii) planning and executing the infrastructure and urbanism with high quality and environmental awareness.

❖ The company’s advantages are based on the following pillars: strategic location of its allotments, operational excellence, cost-benefit of the projects, quality of infrastructure and urbanism, relationship with its clients and professional management. 57 Results from Subsidiaries

3Q17 Highlights 2017 Highlights

✓ Portfolio %LOG (in GLA) – 16,676,709 sq. feet of GLA ✓ Landbank with PSV of R$2.6 billion; ✓ Permitted GLA – 11,212,485 sq. feet (%LOG) ✓ 1,157 commercialized units in 2017, equivalents to a PSV of R$ 66.2 million; ✓ Delivered GLA – 7,336,853 sq. feet (%LOG) ✓ SOS of 56% in 2017 ✓ Net Revenue: R$ 25 million ✓ Launch of a project with 494 units and PSV of R$ 35 million ✓ Adjusted Ebitda: R$ 19.4 million ✓ MRV share: 60% ✓ Equity: R$1.9 Billion ✓ MRV share: 45.92%