Corporate Presentation January 2011 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 Shareholder Structure The free float represents more than 63% of the total shareholders’ equity

“Novo Mercado”, the highest level of Corporate Governance

Rubens Menin T. de Souza BM&FBovespa Novo Mercado : MRVE3 31.7% ADR OTCQX : MRVNY

Free Float 63.1%

Executives and Board Members 5.2%

482,435,340 common shares

3 Moment of Brazilian Economy is Very Positive

Mortgage Growth Income level Real GDP(% yoy) Increase in future demand as the Central Bank Focus Report - Oct 2010 economy grows (million of people) 7.6% Real Estate Financing as % of GDP 5.7% 5.7% 5.1% 4.3% 4.5% 20 31 USA 100.0 4.0% 13 3.2% 2.7% 66 1.3% 1.1% 93 Spain 60.0 113 -0.2%

Chile 15.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010* 2011* 47 46 Real Salary 40 49 Mexico 11.0 7.5% 30 16 6.2% 5.6% 5.3% 2003 2008 2014 Brazil 4.9% 2.9 4.5% 3.9% E D C A/B

1.5%

Source : Valor Econômico,Dec/2009 Source : Revista Exame (magazine) 07/28/2010 2004 2005 2006 2007 2008 2009 2010* 2011*

Growth , regardless of government program 4 Brazilian Economic Outlook --Population by Age groupgroup

1980 2000 2020

78 78 78

69 69 69

60 60 60

51 51 51

42 42 42 Age Age Age 33 33 33

24 24 24

15 15 15

6 6 6

0 0 0 Men Women Men Women Men Women Population Population Population

121 million 174 million 209 million

Age group % # mm Age group % # mm Age group % # mm 0 - 24 59 71 0 - 24 50 87 0 - 24 36 75 25 - 6437 45 25 - 64 45 78 25 - 64 54 113 65 - + 4 5 65 - + 5 9 65 - + 10 21

Source: IBGE Legend Work Force Note: Uncertain Estimates and subject to changes. 5 Minha Casa, Minha Vida (“ MyMyHouse, House , MyMyLife ”)”)

Units (thousand) financed by FGTS (Public Pension Fund) + SBPE (Savings Accounts) Interest rates and Inflation 1.000 30% SBPE 900 TR 12M FGTS 25% IPCA 12M 800 20% SELIC 12M 700 INCC 12M 600 15% 500 10% 400

300 5%

200 0% 100 Jul 07 Jul Jan 05 Jan 10 Jan Jun 05 Jun 10 Jun Oct 03 Oct 08 Oct Apr 06 Apr Sep 06 Sep 07 Feb Dec 02 Dec 07 Dec Aug 04 Aug 09 Aug Nov 05 Nov 10 Nov

0 04 Mar 09 Mar May 03 May 08 May

78 82 84 86 88 92 94 96 98 02 04 06 08 10 Relation SELIC x TR : SELIC +100bp, TR +30bp (approximately). 1980 1990 2000 INCC isn’t linked with SELIC, but follows the rhythm of construction industry.

Increase in mortgage offer Decrease in Interest Rates

ESTIMATE OF 1.2 MILLION NEW HOUSES PER YEAR IN BRAZIL FOR THE NEXT 10 YEARS 6 Impact of Tighter Monetary Policy on Real Estate Loans

Assumptions: Monthly installments (R$)* Unit value: R$ 100k Interest Real Loan Term (years) Rate TR Rate 20 25 30 Loan-to-value: 80% 8.16% 0.00% 8.16% 873 812 771 Loan: R$ 80k 8.16% 0.50% 8.70% 877 816 775 Mortgage to Monthly Wage: 30% 8.16% 1.00% 9.24% 881 819 778 8.16% 1.50% 9.78% 885 823 782 Real Rate = Interest Rate of 8.16%

Real Interest Interest Interest Real Real p.a) p.a) (% (% Rate Rate 8.16% 2.00% 10.32% 889 827 785 + Monetary Correction of TR. *13th installment

TR Little effect on increasing Installments

Note : TR = Reference Rate = Bank Deposit Rate (CDB/RDB) of the 30 largest financial institutions in Brazil x Reduction Factor. TR changes the amount due, and as such will change the monthly installments. Relation SELIC x TR : SELIC +100bp, TR +30bp (approximately). 7 Minha Casa, Minha Vida (“ My House, My Life ”)”)

Leadership in the Government Program and good relationship with CEF # of units financed by

1,158 Under Analysis 1,050 Contracted 908 814 656 713 442 330 707 CEF 543 631 409 Increasing 276 327 Greater 54 115 Productivity Success Sep 16/09 Oct 30/09 Dec 31/09 Feb 26/10 Apr 13/10 Jun 2/10 Sep 6/10 Oct 29/10 and Efficiency Status Oct 29-2010

Under Analysis (units) 1,157,506 93,916 8%

Contracted (units) 707,084 43,292 6% 00-03 MW 323,472 0 03-10 MW 383,612 43,292 11% (VGV R$million) R$ 40,000 R$ 4,244 11%

Source : Caixa and MRV

* All figures applying only to Minha Casa Minha Vida 8 Our Products Broad Geographical Diversification

Nationwide Footprint - Present in 14 States and in the Federal District - 85 cities attended by the Company

10 Sales and Marketing

Sales Channels

Web Store 30% Third Parties 49%

Own Store 21%

Most visited site in the industry. ( Source: Google trends for websites )

1.6 million visits per month on average.

* Data base : 3Q10 11 Sales and Marketing

Market research and Client oriented strategy analysis

Demography, Income, Expectations, etc

-- Land acquisition -- Development phase -- Sales strategy

12 Broad Geographical Diversification ––somesome of our projectsprojects

Contagem – Sep/08 Campinas – Aug/09 7,009 units 4,376 units

Mauá – Mar/08 Cuiabá – Apr/10 3,119 units 912 units

13 Success of Real Estate depends on Focus on The Process

Sales Quality land bank prospect - 7 directors with Net debt / (1) average 15 years at Shared Services EBITDA : 0.71x MRV Chanel Effectiveness Construction 455 dedicated Center MRV Net debt / professionals - 2,500 in-house brokers - # of Employees: 22,176 Best cost G&A Shareholders (2) - 33% VSO - 193 engineers “Caixa aqui ” – of the sector Equity : 20.1% - 30% of sales through the - 274 sites bank correspondent IT Systems Short cycle internet - Experienced Management (SAP, MRV Obras) Credit quality: Pre- Scale and Margins screening - Standardization: ~90% of cost from 150 suppliers - At site cost control

Note (1) Net Debt sep/10 and EBITDA 9M10 annualized. (2) Shareholder´s Equity Sep/10. 14 Low income focus ––growthgrowth with quality

Average size of Land Bank 490 Lowest SG&A expenses in the sector– 6 to 10 Savings 392 418 348 367 376 3Q10 (% of Contracted Sales ) MW Accounts 312 17% 3% 0 to 3 MW 8.2% 2%

jun/09 sep/09 dec/09 mar/10 jun/10 sep/10 Acquisitions 9.3% 2010

Average size of projects launched 9.3% 12.2% 3 to 6 MW 318 78% 275 243 260 12.3% 194 177 19.0% 3Q10 Launches by Family Income (R$)

4Q09 1Q10 2Q10 3Q10 9M09 9M10

Market Focus Increase in project size Financial discipline

MRV is the most qualified to meet demand of the lower income segment 15 Best margins in thetheindustry

EBITDA Margin x Average Sales Price (3Q10)

35%

30%

MRV PDG 25% DIRECIONAL INPAR ROSSI EBITDA Margin (%) (%) Margin Margin EBITDA EBITDA RODOBENS GAFISA 20% TECNISA

TRISUL CYRELA

15%

Average Sales Price (R$ thousand) 10% 50 75 100 125 150 175 200 225 250 275 300

Source: Company Reports and Earning Releases Bubble size: Period contracted sales EZTEC – EVEN – CCDI : sales price out of our scope (+R$300,000) BROOKFIELD: Does not disclose the data in question 16 Cash burn under control

Cash Burn (million R$) 2.500

Cash Burn per Quarter 2.000 MRV CYRELA (R$ million) 26.1 GAFISA 1.500 60.0 PDG 1.000 ROSSI 19.4 BROOKFIELD 500 123.8 133.3 100.6 108.6 89.8 75.9 0 0.1 2008 2009 9M10 Contracted Sales / Cash burn 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10

10,0 MRV MRV Engenharia Process Efect CEF MRV LOG CYRELA 8,0 GAFISA PDG 6,0 ROSSI BROOKFIELD 4,0

2,0 Observation : - PDG’s cash burn influenced by incorporation of AGRE in 2Q10. - Brookfield’s cash burn positively influenced by securitization 0,0 and sales of project for R$200 million in 3Q10. 17 2008 2009 9M10 Debt under control

Net debt (R$ million)

Balance Due (R$ million) Charges sep/10 2008 279 Debentures - 1st Issuance 1st series CDI + 1.5% p.a. 280.9 2nd series IPCA + 10.8% p.a. 32.7 Debentures - 2nd Issuance CDI + 3.7% p.a. 60.8 Debentures - 3rd Issuance CDI + 1.6% p.a. 526.6 2009 73 Construction Finance TR + 8% to 12% p.a. 460.6 Working capital – CDI CDI + 1.02% to 2.18% p.a. 229.7 Others 6.2 Expenses from debenture's issuance (5.6) sep/10 578 1,591.8

Debt repayment schedule (R$ million)

113.4 sep/10 dec/09 dec/08 310.1 Loans - Net debt / equity 20.1% 3.0% 18.0% 4.7 268.2 Financing Net debt / EBITDA (annualized) 0.7 0.2 1.0 357.9 Debenture 257.8 180.1 99.5

12 months 13 to 24 months 25 to 36 months Over 37months 18 Returns above thethe market average

Return on equity (ROE) – 9M10 (1)

24.6%

16.8% 16.0% 14.9% 13.9% 11.5%

MRV CYRELA PDG ROSSI BROOKFIELD GAFISA

Nota: (1) annualized ROE – average equity dec/09 - sep/10 19 Growth & Perspectives Consistent Growth:Growth: MRV 40k achieved!

Land bank acquisition Launched Projects Project Financing (units – annualized ) (units – annualized ) (units – annualized )

110,500 44,500 40,200

61,400 24,200 21,200

3Q09 3Q10 3Q09 3Q10 3Q09 3Q10

Sales Units built Client Financing (units – annualized ) (units – annualized ) (units – annualized )

29,400 32,600 34,200 17,300

30,100 10,700

3Q09 3Q10 3Q09 3Q10 September/2009 September/2010 20 MRV 70K in the low income segment

Growth with Quality

21 Qualified team and operational efficiency Qualified team and investments in Scale & Cost dilution – Construction DNA infrastructure Pre- Cur- Chg. Trend New Organizational Chart Meritocracy IPO¹ rent² - Opening room for talents - New Stock Options Plan Construction 109 274 2.5x Sites Our People Units per Site 76 230 3.0x

Belo Horizonte Headquarter Talents Operational - Lower Cost 193 engineers and Management 24 52 2.2x - Edge on talent attraction 585 trainees Engineering Staff 71 193 2.7x

BI - Business Inteligence Operational

ECM - Content Management Interns 251 585 2.3x Portal Colaboration # Employees for CRM 3,427 22,167 6.5x Client Relationship Management Construction ERP SAP ECC 6.0 S, G & A 539 2,006 3.7x MRV Obras RM - HR Management ERP SAP-CRM-HR- IT Systems - - system Planning Microsoft Dynamics Homeowners Microsoft Sharepoint 34 455 13.4x Administrative financing team BPM ECM GED

Cognos (Planning) SAP - BO (Cube) Microsoft (Report) Note: (1) As of Dec ember 31, 2006 (2) As of November 30, 2010 (Interns 12/23) 22 Client Relationship Management: priority in Retail Operation

Customer Relations Strategies

• Receptive treatment with efficiency above 95%. • Strategy directed to automatic electronic services: • Online invoice and statement ; • Work visit schedule; • Customer data change; • Maintenance request; • Average of 5.000 daily accesses.

• Social networks management (Blog, Twitter, Facebook, Chats, Orkut). • Interaction with several areas of the company, seeking to improve processes and efficiencies. Client Relationship Management: priority in Retail Operation Web site Reclame Aqui (“(“ComplainComplainHere”) Here ”) ––MRVMRV x Competitors

General Evaluation

Rossi Tenda Gafisa Cyrela Goldfarb MRV (Gafisa) (PDG)

Not Not Bad Bad Recommended Recommended Consumer Grade 3,57 Scale 1 to 10 2,96 2,64 2,14

1,20 0,95

Note: Data for the period of 12/01/2009 to 11/30/2010 ROSSI TENDA GAFISA GOLDFARB MRV CYRELA No data available for PDG (GAFISA) (PDG) MRV’s Shares Trade US$ 43 million / day With the Offering, MRV has consolidated its position as one of the largest homebuilders in Brazil, both in terms of market capitalization and liquidity

Market Cap BM&FBovespa Average Daily Trading Volume 1

(US$ MM, as % of Total Capital) (US$ MM, % of Free Float)

$6.5 $62

$5.1

$4.3 $43 $42 $39

$2.9

$2.1 $21

99.2% 67.4% 63.1% 98.8% 62.5% 1.0% 1.6% 1.2% 1.4% 1.6%

PDG Cyrela MRV Gafisa Rossi PDG MRV Cyrela Gafisa Rossi

Source: Companies, CMA as of December 22, 2010. 1 4Q10 until 12/22/2010 26 Operational and Financial Indicators

27 Real Estate Development ––LandLand Bank

Land Bank (R$ billion) 12,422.0 Land Bank Distribution by 11,347.3 client mortgage source 10,614.1 10,923.0 09/30/10 8,991.2

Savings Accounts FGTS 4% 96%

dec/08 dec/09 mar/10 jun/10 sep/10

% swaps / total land bank in % land acquisition cost / PSV in Geographical distribution of land bank Sep/10 Sep/10

26% 49% Swap 25% 43% Cost 9%

Capitals Metropolitan Areas Secondary Cities 28 Efficiency in Real Estate Development

Quick turnover of land bank Operating cycle shorter than the industry average

Age of launched lands (number of projects)

30% 23%

48% 7% 10%

0%

70% 60% 52%

1Q10 2Q10 3Q10

Up to 12 months Between 13 and 18 months Above 19 months 29 Launches (%MRV --R$R$ million)

Launches 3Q10 By Family Income (R$) Launches (R$ million) 6 to 10 Savings MW Accounts 17% 3% 0 to 3 MW CAGR 97.2% 79.5% 2% 2,752 2,586 2,533

3 to 6 MW 78%

1,533 Note: Minimum Wages (MW) of R$ 465,00 for same base of MCMV 1,200 Launches 3Q10 By financing source (units)

337 Savings 2006 2007 2008 2009 9M09 9M10 Accounts 17%

FGTS 83%

30 Contracted Sales (%MRV --R$R$ million)

Contracted Sales 3Q10 By Family Income (R$) Sales (R$ million)

Savings 0 to 3 Accounts 6 to 10 MW 20% 25.8% MW 1% 2,822 24% 2,604

CAGR 139.2% 2,071 3 to 6 MW 55% 1,544 Contracted Sales 3Q10 By financing source (units) 717 206 Savings Accounts 29% 2006 2007 2008 2009 9M09 9M10

FGTS 71% 31 Production

Units Built* Units per site

18,800 418 95.8%

224 9,600 209 72.1% 183 7,400 6,500 128 5,000 88 4,300 4,000 2,800

2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 9M09 9M10 dec/07 dec/08 dec/09 jun/10 sep/10 land bank sep/10 *Units built = m² built / average unit size

32 Minha Casa, Minha Vida (“ My House, My Life ”)”)

Leadership in the Government Program and good relationship with CEF

Construction Financing (units) Client Financing (units)

28,159 18,111 Contracted Units 23,575 Transfers YTD YTD 17,756 10,367 8,801

5,092 4,702 7,016 7,744 2,539 10,403 5,665 697 2,553 3,709 4,719 1,842

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10

33 Consistency of financial results

Net Revenue (R$ million) Gross Profit (R$ million) and Gross Margin (%)

126.7% 94.0% 741.3 93.8% 2,155 127.3% CAGR 37.9% 577.8 CAGR 1,648 36.6% 35.3% 35.1% 34.4% 34.4% 420.6 1,111 382.8 1,112

140.3 399.6 49.6 146.2

2006 2007 2008 2009 9M09 9M10 2006 2007 2008 2009 9M09 9M10

EBITDA (R$ million) and Margin EBITDA (%) Net Income (R$ million) and Net Margin (%)

168.5% 114.4% 608.4 CAGR 113.9% 482.4 173.3% 26.8% 25.5% 24.5% CAGR 441.3 28.2% 347.4 22.4% 21.8% 20.8% 20.3% 19.3% 283.8 16.2% 272.6 231.0 21.1% 12.1% 225.5

22.8 76.9 17.0 87.1

2006 2007 2008 2009 9M09 9M10 2006 2007 2008 2009 9M09 9M10 34 Guidance

Guidance 2010 Previous Revised

Contracted Sales (%MRV) - R$ million 3,700 ~ 4,300 3,700 ~ 4,300 EBITDA Margin* 25% ~ 28% 26% ~ 29%

* according to the accounting practices of 2009

35 Contacts

Leonardo Corrêa Chief Financial Officer

Mônica Simão Chief Investor Relations Officer

Felipe Gonçalves Investor Relations Manager

Ph.: +55 (31) 3348-7150 E-mail: [email protected]

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

36 Attachments

37 History

1st CEF Real Equity 3rd Estate Follow-On Debentures Correspondent Issuance

Aug-10

Banks Feb-10 Productivity & Resume Issuance of ADRs Dec-09 Cost Cuts Mortgage level 1 - MRVNY Jul-09 Program Start Lending Resume Jun-09 MRVLOG 1st Apr-09 IPO Debentures OTCQX Issuance Geographic Mar-09 Diversification Starts Foundation of MRV Implementation 2008 of SAP Minha Casa, 2007 Minha Vida 2004 2001 1997 Microsoft CRM 2nd 1994 Implementation Debentures Issuance 1984 Enactment of 1979 Foreclosure Private Equity by Financial Institutions Beginning of Relationship with CEF Partnership Culture MRV LOG Establishment 38 New Organizational Structure

Chief Executive Officer Rubens Menin

Chief Chief Regional Chief Regional Chief Financial Chief Institutional Administrative Officer Officer Officer Relations Officer and SSC Officer Leonardo Corrêa Marcos Cabaleiro Rafael Souza Eduardo Fisher Júnia Galvão

Chief Production Officer Chief Investor Chief Legal Homero Paiva Relations Officer Officer Mônica Simão Maria Fernanda Souza Chief Real Estate Development Officer Hudson Gonçalves

Chief Commercial Officer Eduardo Barretto

Chief Real Estate Financing Officer José Adib 39 MRV Shareholders

Shareholders’ base by country – Free float

15% 10% America (ex-USA/Brasil) 6% Brazil 5% USA 3% Europe (ex-UK/LX) 3% Luxemburg UK

42% Asia & Oceania (ex-Japan) 16% Japan

Source: MRV (November 30, 2010) 40 INCOME STATEMENT (R$‘000)

Chg. 3Q10 x Chg. 9M10 x R$ thousand 3Q10 3Q09 9M10 9M09 3Q09 9M09

REVENUE FROM REAL ESTATE DEVELOPMENT 918.852 466.922 96,8% 2.254.997 1.173.228 92,2%

Sales taxes (37.744) (16.984) 122,2% (100.213) (61.212) 63,7% NET REVENUE 881.108 449.938 95,8% 2.154.784 1.112.016 93,8%

Cost of sales (567.562) (287.614) 97,3% (1.413.496) (729.179) 93,8% GROSS PROFIT 313.546 162.324 93,2% 741.288 382.837 93,6% Gross Margin 35,6% 36,1% -0,5 p.p. 34,4% 34,4% 0,0 p.p.

OPERATING INCOME (EXPENSES) Selling expenses (40.335) (25.606) 57,5% (110.259) (73.406) 50,2% General & Administrative Expenses (40.708) (27.177) 49,8% (107.268) (70.338) 52,5% Other operating income, net (2.119) 3.062 -169,2% (1.793) 10.211 -117,6% OPERATING INCOME BEFORE FINANCIAL INCOME (EXPENSES) 230.384 112.603 104,6% 521.968 249.304 109,4%

FINANCIAL RESULTS Financial expenses (7.230) (5.964) 21,2% (19.759) (16.503) 19,7% Financial income 25.099 17.317 44,9% 67.959 31.706 114,3% 16.224 1.884 26.117 6.177 Financial income from real estate development 761,1% 322,8%

INCOME BEFORE TAXES 264.477 125.840 110,2% 596.285 270.684 120,3%

INCOME TAXES (26.017) (16.324) 59,4% (74.495) (27.469) 171,2% Minority interest (22.433) (6.925) 223,9% (39.424) (17.687) 122,9% NET INCOME 216.027 102.591 110,6% 482.366 225.528 113,9% Net Margin 24,5% 22,8% 1,7 p.p. 22,4% 20,3% 2,1 p.p.

EBITDA Income before taxes 264.477 125.840 110,2% 596.285 270.684 120,3% Depreciation 4.383 2.538 72,7% 11.319 8.967 26,2% Financial Results (34.093) (13.237) 157,6% (74.317) (21.380) 247,6% Financial charges recorded under cost of sales 35.086 10.603 230,9% 75.149 25.483 194,9% EBITDA 269.853 125.744 114,6% 608.436 283.754 114,4% EBITDA Margin 30,6% 27,9% 2,7 p.p. 28,2% 25,5% 2,7 p.p. 41 BALANCE SHEET (R$‘000)

ASSETS 09/30/2010 06/30/2010 Chg. % CURRENT ASSETS Cash and cash equivalents 957.423 927.616 3,2% Investment securities 56.241 54.569 3,1% Receivables from real estate development 2.013.334 2.023.813 -0,5% Receivables from services provided 940 951 -1,2% Receivables from rent 116 99 17,2% Real estate for sale 1.272.999 930.525 36,8% Other assets 70.394 85.724 -17,9% Total Current Assets 4.371.447 4.023.297 8,7%

NONCURRENT ASSETS Long-Term Assets: Long-term Investment securities 2 15 -86,7% Receivables from real estate development 1.234.699 793.930 55,5% Real estate for sale 468.631 631.995 -25,8% Intercompany receivables 55.881 68.935 -18,9% Deferred selling expenses 16.651 16.776 -0,7% Deferred taxes 3.724 8.026 -53,6% Escrow deposits and other 22.085 12.070 83,0% Total Long Term Assets 1.801.673 1.531.747 17,6% Investments: Property and equipment: 145.561 101.008 44,1% Intangible Assets: Goodwill on acquisition of investments 3.237 3.237 - Other intangible assets 23.524 20.912 12,5% Total Noncurrent Assets 1.973.995 1.656.904 19,1%

TOTAL ASSETS 6.345.442 5.680.201 11,7% 42 BALANCE SHEET (R$‘000) (continued)

LIABILITIES AND SHAREHOLDERS' EQUITY 09/30/2010 06/30/2010 Chg. % CURRENT LIABILITIES Trade accounts payable 132,793 125,376 5.9% Loans, financing and debentures 490,271 496,952 -1.3% Payroll and related charges 72,141 54,143 33.2% Taxes payable 40,026 30,704 30.4% Payables for land acquisition 648,783 545,205 19.0% Advances from customers 387,795 299,106 29.7% Provision for maintenance of real estate 7,609 6,501 17.0% Proposed dividends - - - Deferred tax liabilities 187,461 185,641 1.0% Other payables 2,838 3,259 -12.9% Total Current Liabilities 1,969,717 1,746,887 12.8%

NONCURRENT LIABILITIES Loans, financing and debentures 1,101,577 935,363 17.8% Payables for land acquisition 108,488 96,448 12.5% Advances from customers 848 2,495 -66.0% Provision for maintenance of real estate 45,435 34,459 31.9% Provision for contingencies 6,963 6,445 8.0% Deferred tax liabilities 58,360 51,445 13.4% Negative goodwill on acquisition of investments 6,750 6,750 - Total Noncurrent Liabilities 1,328,421 1,133,405 17.2%

MINORITY INTEREST 166,863 136,589 22.16%

SHAREHOLDERS' EQUITY 2,880,441 2,663,320 8.2%

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 6,345,442 5,680,201 11.7% 43 CASH FLOW (R$‘000)

Chg. 3Q10 x Chg. 9M10 x Consolidated (R$ thousand) 3Q10 3Q09 9M10 9M09 3Q09 9M09

CASH FLOWS FROM OPERATING ACTIVITIES

Net income 216.027 102.591 110,6% 482.366 225.528 113,9% Non-cash expenses (revenues): 148.813 40.614 266,4% 228.052 95.180 139,6%

Changes in assets: (497.393) (165.588) 200,4% (1.290.820) (546.131) 136,4% Changes in liabilities 117.758 45.133 160,9% 349.643 49.249 609,9% Cash used in operating activities (14.795) 22.750 -165,0% (230.759) (176.174) 31,0%

CASH FLOW FROM INVESTING ACTIVITIES

Increase in securities (2.286) (233) 881,1% (55.651) 263 -21260,1% Increase (decrease) in intercompany receivables 15.914 (5.976) -366,3% 31.978 (10.610) -401,4% Increase (decrease) in investments - 14 -100,0% - 14 -100,0% Additions to property and equipment and intangible assets (78.639) (3.409) 2206,8% (123.782) (16.820) 635,9% Property and equipment sales 44 6.130 -99,3% 559 6.226 -91,0% Net cash used in investing activities (64.967) (3.474) 1770,1% (146.896) (20.927) 601,9%

CASH FLOW FROM FINANCIAL ACTIVITIES

Proceeds from Share Issuance - 62.517 -100,0% 346 570.061 -99,9% Treasury shares - - - - 1.887 -100,0% Net proceeds from loans and financing 152.682 64.273 137,6% 273.038 292.775 -6,7% Increase (decrease) in intercompany payables - (9) -100,0% - (11) -100,0% Proceeds from Debentures (50.954) - - 427.004 - - Increase (decrease) in minoriy interest 7.841 (702) -1217,0% 3.835 1.369 180,1% Paid Dividends - (51.322) -100,0% (82.513) (51.322) 60,8% Net cash provided by financing activities 109.569 74.757 46,6% 621.710 814.759 -23,7%

Net Increase (Decrease) in cash and cash equivalents 29.807 94.033 -68,3% 244.055 617.658 -60,5%

Cash and cash equivalents at beginning of period 927.616 672.613 37,9% 713.368 148.988 378,8% Cash and cash equivalents at end of period 957.423 766.646 24,9% 957.423 766.646 24,9% 44 MRV Construction Process

Structural Masonry 31 years ofof experience

Lower construction Better Budget cost per square Control meter Competitive Used in the low and Higher Construction prices and better high income Speed margins segment

High durability and Higher Productivity low maintenance per Employee costs

45 MRV Construction Process

Masonry Foundation Footings Gypsum Finishes Painting Cleaning and Slab

46 Parameters Cash Flow ––MRV’sMRV’s Model

Quarters % PSV (net of taxes) MRV'S MODEL Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Q9 Q10 Q11 Q12 Q13 Q14 Q15 Q16 Operational Indicators Construction Speed 4% 28% 32% 26% 10% Sales Speed 25% 25% 15% 15% 15% 5%

Cash Flow - Bank Financing Cash inflow 100% 1% 2% 3% 4% 5% 5% 13% 40% 27% Financing inflow 43% 9% 14% 12% 8% Financing amortization 43% 7% 22% 14% Land disbursement 9% 3,0% 3,0% 3% Pre-product disbursement 2% 1% 1% Construction disbursement 51% 11% 16% 15% 9% Final Registry disbursement 1% 1% Result 37% -4% -3% -3% 0% 0% -1% 1% 2% 1% 2% 2% 3% 6% 18% 13%

Cash Flow - CEF (Crédito Associativo) Cash inflow 100% 1% 5% 10% 27% 35% 17% 5% Land disbursement 9% 3,0% 3,0% 3% Pre-product disbursement 2% 1% 1% Construction disbursement 51% 11% 16% 15% 9% Final Registry disbursement 1% 1% Result 37% -4% -3% -3% -1% 1% -6% -6% 12% 25% 17% 5%

(*) Does not include financial expenses (*) Typical MRV Project : from land acquisition until final payment 47 Cash Flow Parameters ––MRV’sMRV’s typical project Accumulated Cash Flow as percentage of PSV

50%

40%

30%

20%

10%

0%

-10% Bank Financing CEF (Crédito Associativo) -20%

-30% 1Q 2Q 3Q 4Q 5Q 6Q 7Q 8Q 9Q 10Q 11Q 12Q 13Q 14Q 15Q 16Q 17Q

Land Launching Construction Construction Final Permits acquisition starts ends 48 Launches & Contracted Sales : Crédito Associativo

Evolution of Launches Evolution of Contracted Sales by financing means by financing means (R$) (R$) 2% 6% 4% 5% 5% 5% 7% 7% 5% 6% 9% 7% 12% 14% 9% 22% 9% 13% 15% 15% 6%

72% 57%

69% 94% 96% 95% 98% 95% 95% 83% 86% 78% 79% 77% 82% 81%

28% 34% 17%

2007 2008 2009 9M10 4Q09 1Q10 2Q10 3Q10 2007 2008 2009 9M10 4Q09 1Q10 2Q10 3Q10

Crédito Associativo (CEF) Crédito Associativo (CEF) Bank Financing Bank Financing MRV / Payment during Construction 49 Contracted Sales (%MRV)

Contracted Sales per launching period

Launching Contracted Sales %MRV (in %) Period 2007 2008 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 3Q10 21% 2Q10 26% 35% 1Q10 11% 27% 8% 4Q09 35% 38% 20% 9% 3Q09 23% 21% 11% 6% 5% 2Q09 26% 27% 8% 5% 3% 3% 1Q09 20% 14% 5% 2% 5% 3% 2% 4Q08 4% 23% 17% 8% 6% 5% 3% 3% 3Q08 8% 17% 11% 8% 7% 5% 2% 3% 2Q08 21% 14% 16% 12% 9% 6% 4% 3% 1Q08 24% 11% 8% 9% 7% 6% 4% 4% Before 2008 100% 43% 16% 8% 9% 6% 7% 3% 4% Sales over Supply Total 100% 100% 100% 100% 100% 100% 100% 100% 100%

39% 40% 37% 34% 33% 33%

24% 26% 22% 22% 15%

Sales over Supply = Sales / (Beginning Inventory + Launches)

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 50 SFH (Brazilian Housing Finance System)

CEF Infrastructure Employers FGTS Units up to From 4% to R$130,000 R$ 235 billion 8.16% +TR (Dec/09) FGTS Borrowers resources

SFH From 8.5% SBPE to 12% +TR Borrowers Units from 80% resources R$130,000 to Mortgage R$500,000 65% lending Savings deposits Reserve Starting from Requirements 20% 12%+TR R$ 377 billion 20% Loans at market Borrowers (Dec/10) Outside rates SFH Units starting 15% Resources from R$500,000 Available Other Starting from 12%+TR Borrowers Sources 51 Minha Casa, Minha Vida (“My House, My Life”)

UP TO 3 MINIMUM WAGES Full subsidy with insurance exemption. Notary cost exemption. Installments: Minimum R$50 and up to 10% of income for 10 years.

3 TO 6 MINIMUM WAGES Commitment of up to 30% of income to installments. Guarantee Fund (up to 36 guaranteed installments) and reduced insurance. Notary cost reduction of 90%.

6 TO 10 MINIMUM WAGES Insurance reduction and access to the Guarantee Fund (up to 24 guaranteed installments). Notary cost reduction of 80%.

Government Program Resources : R$ 34 billion 52 Minha Casa, Minha Vida (“My House, My Life”)

The Federal Government pays up to R$76,200 Appartment in São Paulo R$23,000 as down payment for the property, according to the region and wage level.

Installments drop sharply - e.g. 49% - # minimum wages due to direct subsidy, interest rate and Regions monthly insurance reduction. 3 4 5 6 Metropolitan Areas of 23,000 16,000 9,000 2,000 SP, RJ, DF Direct Subsidy Cities with more than 100k inhab, capitals 17,000 10,000 3,000 2,000 and Metropolitan Areas Interest Rate Cities of 50k to 100k Reduction 13,000 6,000 2,000 2,000 inhabitants R$ 900 Monthly Insurance Reduction

240 months financing R$ 461 Before : Income of R$3,000 After : Income of R$1,540 Subsidy of R$20,818 Monthly Installment Subsidy Interest Rate Monthly Insurance Monthly Installment (Before) (After) 53 Minha Casa, Minha Vida (“My House, My Life”)

Guaranteed Installments per Minimum Wage level

Guaranteed Wage Level Installments

3 to 5 minimum wages 36

5 to 8 minimum wages 24

8 to 10 minimum wages 12 Maximum Value of Real Estate Real Estate Regions Maximum Value Old and new interest rates per Minimum Wage level Cities with more than 1 million up to R$130,000 Wage Level Old New inhabitants + State Capitals

3 to 5 minimum 5.00% + TR 5.00% + TR Cities with more than 250k inhabitants up to R$100,000 wages up to R$1,875 up to R$2,325 Cities with less than 250k inhabitants up to R$80,000 5 to 6 minimum 8.16% + TR 6.00% + TR wages New regions from jan/10 54 Minha Casa, Minha Vida (“My House, My Life”)

Government Program Resources : R$ 34 billion

55 ““MinhaMinha Casa, Minha Vida 2” Program

2011-2014 Monthly Household Income Number of MCMV 2 Units Housing Program Source of Funds (R$) % R$ billion MCMV 2

Minha Casa, Minha Vida 71.7 up to 1,395 1.2 million 60%

from 1,395 to 2,790 600 thousand 30% SBPE Financing 176.0 from 2,790 to 4,650 200 thousand 10% MCMV 1 MCMV 2 %

Value (R$ billion) 34.0 71.7 110.9% Government Program Resources Units (thousand) 1,000 2,000 100.0% R$ 71.7 billion

2 years 4 years Target (Term) (Dec 2010) (Dec 2014)

2 56 Brazilian Economic Outlook

SELIC – Central Bank Target Rate Inflation – IPCA (Consumer Price Index)

30,00% 20,00%

25,00% 16,00%

20,00% 12,00% 15,00% 8,00% 10,00% Inflation % % Inflation (yoy)

5,00% 4,00% SELIC –SELIC Central Target Bank Rate % (yoy) 0,00% 0,00% Jul/00 Jul/07 Jan/04 Jan/11 Jun/03 Jun/10 Oct/05 Apr/02 Apr/09 Feb/01 Sep/01 Feb/08 Sep/08 Dec/06 Aug/04 Aug/11 Nov/02 Nov/09 Mar/05 May/06

* Central Bank Weekly Focus Forecast 12/17/2010 and IBGE 57 Brazilian Economic Outlook 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.

Composition of Bovespa index, by Weight (1) Composition of Brazilian GDP, by Sector (2)

6% 2% 3% 5%

33% Commodities Ind. - Commodities 40% 16% Utilities Ind. - Utilities Construction Ind. - Real Estate Ind. - Manufacturing Industry Services Services Agribusiness 6% 68% 12% 9%

Note: (1) Source: BM&F Bovespa (September-December 2010) (2) Source: IBGE (excl. taxes, considering GDP Jul/09-Jun/10) 58 Our ADR Program The MRV ADR shares are traded on the OTCQX International Premier.

Every MRV ADR represents two MRV ordinary shares, i.e. the ratio is 1:2. Deutsche Bank Trust Company Americas is the depositary for MRV’s ADR program. The depositary bank plays a key role in issuance as well as cancellation of ADRs. It also maintains the ADR holder register and distributes the dividends in US dollars. Ticker MRVNY For more details, please contact Deutsche Bank Broker Services at Cusip code +1 (212) 250-9100 or visit their website at www.adr.db.com . 553479106 The OTCQX marketplace is the premier tier of the U.S. Over-the-Counter ISIN code US5534791067 market. Investor-focused companies use the quality controlled OTCQX listing platform to offer investors transparent trading, superior information, and easy access through their regulated U.S. broker-dealers.

American Depositary Receipt (ADR) An ADR is a negotiable U.S. certificate representing ownership of shares in a non-U.S. corporation. ADRs are quoted and traded in U.S. dollars in the U.S. securities market. Also, the dividends are paid to investors in U.S.dollars. ADRs were specifically designed to facilitate the purchase, holding and sale of non-U.S. securities by U.S. investors, and to provide a corporate finance vehicle for non-U.S. companies. Benefits of ADRs to US investors US investors may prefer to purchase ADRs rather than ordinary shares in the issuer’s home market because ADRs trade, clear and settle according to US market conventions. One of an ADRs’ top advantages is the facilitated diversification into foreign securities. ADRs also allow easy comparison to securities of similar companies as well as access to price and trading information, if listed. ADR holders also appreciate prompt dividend payments and receiving corporate action notifications. 59 Management Board of Directors

Rubens Menin Teixeira de Souza Fernando Henrique da Fonseca Chairman of our board of directors and our chief executive officer. He holds a degree in holds a degree in economics from the Federal University of Minas Gerais, having pursued civil engineering from the Federal University of Minas Gerais, where he graduated in 1978. specialized courses in the areas of finance, economics and business. He has been chief He is a founding partner of the MRV group and currently serves as both chief executive executive officer of Celulose Nipo-Brasileira S.A. (CENIBRA), since September 2001. He officer and chairman of the board of directors. He is also a founding partner of has 42 years of experience in the financial sectors of public and private companies, having Intermedium and has been chairman of its board of directors since the company was held the following positions: president of the financial companies Intermedium and established in 1994. 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 Marcos Alberto Cabaleiro Fernandez. Policy Committee (Conselho de Política Financeira do Estado de Minas Gerais) from 1983 graduated with a law degree from the Milton Campos Law School in 1981 . He founded to 1985 , and manager of the Companhia Siderúrgica Belgo -Mineira from 1967 to 1975 . 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 João Batista de Abreu the Civil Construction Union (Sindicato da Construção Civil) from 1999 to 2002. He is a holds a graduate degree in economics from the Federal University of Minas Gerais founding partner of Intermedium and has been a member of its board of directors since the (UFMG), and a master’s degree from FGV. He was professor at the Pontifical Catholic company was established in 1994. University (PUC/RJ) of Rio de Janeiro, and Military Engineering Institute (IME). He joined the Institute of Applied Economic Research (IPEA), under the Ministry of Planning and Levi Henrique. Budget, acting as technical expert, as Chief Economic Advisor to the Minister of Planning, holds an engineering degree from the Instituto Tecnológico de Aeronáutica – ITA. After Executive Secretary of the Treasury, Secretary of State of the Treasury of the State of graduating, he entered Cofap S.A. in 1959, where he reached the position of director of the Minas Gerais, and finally, Minister of State Head of the Department of Planning and shock absorber factory and remained with the company for 19 years. In 1978, he joined Coordination of the Presidency of the Republic. After his career in the federal public sector, Eluma S.A., where he reached the position of superintendent of the non-ferrous division. he was chairman of the Development Bank of Minas Gerais (BDMG), and for seventeen He worked at that company for 8 years, and then, between 1985 and 1993, he worked as a years, Executive Vice President of BMG Bank S/A. superintendent at LaFonte Fechaduras S.A., Metalpó Indústria e Comércio Ltda. and Protendit Indústria e Comércio Ltda. He established Geminids, his business management Eduardo Luiz de Mascarenhas Picchioni consulting firm, in 1994, where he presently remains. has served as a member of the executive committee of Empresas Picchioni since 1980, and has experience in the financial and capitals market sectors, having also been a Marco Aurélio de V. Cançado. member of the advisory council of the financial sector company PMB – Picchioni Belgo- holds a graduate degree in Business Administration, having pursued specialized courses in Mineira Distribuidora de Títulos e Valores Mobiliários S/A. He has been in charge of the area of financial administration. He has more than 30 years of experience in the brokering financial products at the company H.H. Picchioni S/A – CCVM since 1997, financial and capitals markets. He began his career at IBRASA (today’s BNDESPAR) in including investment funds, stock investment clubs and fixed-income securities, among 1975. From August 1980 to June 2007, he has worked in the financial market holding others. He has also been accredited by the National Association of Securities, Exchange executive positions for the following banks: Banco do Brasil, Inter-Atlântico, BMG, and and Merchandise (Associação Nacional das Corretoras de Valores, Câmbio e Mercantil do Brasil. During this time, Marco Aurélio has been a member of the board of Mercadorias), as an independent investment broker since 2003. directors for IBMEC, Cetip, CIP, CNF and Acesita. In 2007, he founded MAVC, a financial investment and consulting company. From 1992 to 1994, Marco Aurélio was the president of the National Association of Investment Banks – ANBID. 60 Management Executive Officers Júnia Maria de Sousa Lima Galvão – Chief Management and Shared Service Center Rubens Menin Teixeira de Souza – Chief Executive Officer. Officer. See “Board of directors” above. 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 Leonardo Guimarães Corrêa – Chief Financial and Investor Relations Officer. accounting and a graduate degree in financial management and international business Mr. Correa was elected as our Vice-President of the Executive Board, Chief Financial from the Fundação Dom Cabral, as well as in human resources and in information systems. Officer and Investor Relations Officer at the meeting of the Board of Directors held on June She worked at RM Sistemas between 1996 and January 2007, recently sold to Totvs S.A., 2, 2006. He earned a degree in economics from the Federal University of Minas Gerais – as administrative and financial executive officer, in the administration, finance and UFMG in 1980, and a graduate degree in finance from FGV in 1986. He worked from 1982 accounting sectors, having been the responsible officer and attorney-in-fact for RM to 1990 at Lloyds Bank as Treasury Manager. From 1990 to 2000 he worked at JP Morgan, Sistemas between 1996 and 2006. where his last post 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 Jose Adib Tomé Simão – Chief Real Estate Financing Officer. Recursos, an independent fund manager, specialized in investment funds. He joined us in Mr. Simão was elected our Chief Real Estate Credit Line Officer at the meeting of the March 2006. 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 Eduardo Paes Barretto – Chief Commercial Officer. professor of the former Kennedy School of Engineering in Belo Horizonte. From 1973 to Mr. Barretto was elected our Chief Commercial Officer at the meeting of the Board of 1986, he was the director of the São Paulo branch of Delphos Engenharia S.A., which is Directors held on June 2, 2006. He has a degree in business administration from FMU - based in Belo Horizonte. From 1987 to 1988, he was a special advisor to the Chief Minister Faculdades Metropolitanas Unidas, having specialized in market administration and for the Secretariat of Planning and Co-ordination of the Presidency of the Republic. He marketing at both FGV and ESPM. He was director of the Association of Sales Managers joined the MRV Group in 1989, working in the technical, administrative and commercial of Brazil - ADVB and Chairman of the Retail Commission of that association. He is a sectors, becoming our chief administrative officer in 1999. 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 Hudson Gonçalves de Andrade – Chief Real Estate Development Officer. May 1986 to July 1993. He has been working with companies of the MRV group since Mr. Andrade was elected our Chief Real Estate Development Officer at the meeting of the September 2000, being in charge of commercial policy, supervision of real estate sales, Board of Directors held on June 2, 2006. He earned a degree in civil engineering from the market research, development of new business and corporate strategy. 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 Homero Aguiar Paiva – Chief Production Officer. of Chief Real Estate Development Officer in 2005. 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, Rafael Nazareth Menin Teixeira de Souza – Chief Regional Officer. and in 1991 he received a graduate degree in quality and productivity engineering from the Mr. Souza was elected MRV´s Chief Regional Officer at the meeting of the Board of Sociedade Mineira de Engenharia - MG. He earned an MBA in business management from Directors held on March 8, 2010. He holds a degree in civil engineering from Federal IBMEC/BH in 2000. He joined the MRV Group in 1987 as an engineer, and became University of Minas Gerais in 2003. He joined MRV Serviços de Engenharia Ltda. in 1999, supervisor of engineering in 1989. In 1996, he became technical director, and since 2004 as a civil engineer intern. He has large experience in real estate homebuilding sector. he has served as our Chief Production Officer. During this period, he worked as site engineer, coordinator of engineering and technical director. He is currently Chief Regional Officer in charge of the regions mid west, northeast, Rio de Janeiro and Espirito Santo of MRV Engenharia e Participações S/A. 61 Management Executive Officers

Eduardo Fischer Teixeira de Souza – Chief Regional Officer. Mônica Freitas Guimarães Simão – Chief Investor Relations Officer. Mr. Souza was elected MRV´s Chief Regional Officer at the meeting of the Board of Mrs. Simão was elected MRV’s Investor Relations Officer at the meeting of the Board of Directors held on March 8, 2010. He holds a degree in civil engineering from FUMEC in Directors held on May 4, 2010. She earned a degree in business administration from 2000. He holds a MBA in finance from IBMEC MG in 2003. He joined MRV Serviços de Louisiana State University – USA, holds a MBA in finance from Louisiana State Engenharia Ltda. in 1993, as a civil engineer intern. He has large experience in real University – USA and a MBA in comptrolling from University of São Paulo. She worked estate homebuilding sector. During this period, he worked as site engineer, coordinator from 1993 to 1998 in Cia. Cervejaria Brahma (AMBEV) as Manager of Financial of development sites and production director of Campinas and São Paulo. He is currently Operations Officer. She worked from 1998 to 2003 in TIM Maxitel, becoming Financial Chief Regional Officer in charge of the region of the state of São Paulo of MRV Director. She was Financial Director in Líder Aviação from 2003 to 2006. She began her Engenharia e Participações S/A. career in MRV Engenharia e Participações S.A. in November 2006 . Marcos Alberto Cabaleiro Fernandez – Chief Institutional Relations Officer. Maria Fernanda Nazareth Menin Teixeira de Souza Maia – Chief Legal Officer. Mr. Fernandez was elected MRV´s Chief Institutional Relations Officer at the meeting of Mrs. Maia was elected MRV’s Chief Legal Officer at meeting of the Board of Directors the Board of Directors held on March 8, 2010. He holds a law degree from the Milton held on May 4, 2010. She earned a law degree from Milton Campos Law School in 2001, Campos Law School in 1981. He founded Construtora Becker Cabaleiro in 1977, and and postgraduate in Economics and Business Law from FGV in 2003. She is an effective CVG company in 1986. He was Vice Chairman of the Real Estate Market Chamber member of the Commission's Corporate Advocacy OAB / MG. She joined MRV Serviços (Câmara do Mercado Imobiliário) of Belo Horizonte and the Civil Construction Union de Engenharia Ltda. in 1997, as an intern of Billing Department. During this period she (Sindicato da Construção Civil) from 1999 to 2002. He is a founding partner of Bank held positions as an intern in the Legal Department, Legal Assistant, Coordinator of the Intermedium and has been a member of its board of directors since the company was Legal Department, Legal Superintendent and Legal Manager. Nowadays she occupies established in 1994. the position of Chief Legal Officer in MRV Engenharia e Participações S/A. Lucas Cabaleiro Fernandez – Chief Real Estate Development Officer for Campinas and Estado do Espírito Santo. Mr. Fernandez was electer MRV´s Chief Officer of Real Estate Development Officer of Campinas and Espirito Santo at the meeting of the Board of Directors held on March 8, 2010. He holds a degree in business administration from UNA, in 1978. He founded Construtora Becker Cabaleiro in 1977, and CVG company in 1986. He is director in MRV since 2006 and member of the Real Estate Development Committee since April 9, 2007. He is a founding partner of Bank Intermedium and has been a member of its board of directors since the company was established in 1994.

62