Presentation of 4Q07 Results

Rubens Menin Teixeira de Souza - CEO

Comments on the 4Q07

2

Low-Income has margin !

Comments on the 4Q07

PAST PRESENT FUTURE

GROWING

MARKET

CREDIT

EXPANSION

HEAT-UP

DEMAND

ADJUSTED

NET

MARGIN

2007 28%

INTEGRATED

BUSINESS

MODEL

PARTNERSHIP

CULTURE

GEOGRAPHIC

DIVERSIFICATION

QUALIFIED

TEAM

+ EXPERTISE IN

THE LAND

ACQUISITION

AND

PROSPECTION

FOCUS ON

LOW-INCOME

HOUSING

HOME -BUILDING

DEVELOPMENT

SUSTAINABLE

ORGANIC

GROWTH

3

Leonardo Corrêa – Executive VP and Investor Relations Officer

Financial and Operating Performance

4

PSV of R$513.2 million in the 4Q07, with 4,531 units launched. In 2007, our PSV reached R$1,199.9

million, a 255.7% growth in comparison with the previous year.

Contracted sales of R$249.8 million in the 4Q07, a 30.8% growth over the 3Q07 and a 330.2% growth

when compared to the 4Q06. Contracted sales increased 247.7% year-on-year.

Land bank of R$ 10.4 billion on February 29, 2008, a 62% growth compared to October 31, 2007.

Continuous geographic expansion, covering 56 cities in February 2008.

Increase of 188.6% in net operating revenue in the 4Q07 when compared to the same period of last year,

totaling R$128.9 million. In 2007, net operating revenue reached R$384.1 million, a 173.8% growth over

2006.

Gross margin of 42.4% in the 4Q07. In 2007, gross margin reached 40.0%, a 4.7 p.p. growth in

comparison with 2006.

Adjusted EBITDA margin in 2007 reached 24.3%, an 8.3 p.p. increase over 2006.

Adjusted Net Income in the 4Q07 was R$ 45.4 million, and adjusted net margin was 35.2%. In 2007,

Adjusted Net Income reached R$107.7 million.

Highlights

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Real Estate Market for the Low-Income Segment – Credit Expansion

TOTAL SBPE + FGTS OUTSTANDING AMOUNTS

AND CONTRACTED VOLUME (R$’MM) Nº OF UNITS FINANCED TRHOUGH FGTS AND SBPE

Source: CBIC - Boletim Estatístico Jan/2008; Bacen, Abecip

*2007, in Sep/07

Source: BACEN, CEF and CBIC - www.cbicdados.com.br

Note: The number of units financed with SBPE resource is the sum of financing for

household acquisition (new and used) and for home-buiding (from 1998 on also includes

construction material, refurbishment, and expansion).

20

6

16

3

13

5

19

7

28

4

24

1

24

8

32

0

39

9

52

2

52

4

0

100

200

300

400

500

600

97 98 99 2000 01 02 03 04 05 06 07

SBPE FGTS

115,258 126,853 135,412 150,413

173,102

41,972

43,103 56,193

71,074

80,924

-

5.000

10.000

15.000

20.000

25.000

30.000

35.000

-

50.000

100.000

150.000

200.000

250.000

300.000

2003 2004 2005 2006 2007*

FGTS SBPE Contracted

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PSV (%MRV in R$‘000)

105.3

513.2

337.3

1,199.9

254.3

513.2

-

200

400

600

800

1.000

1.200

1.400

4Q06 4Q07 2006 2007 3Q07 4Q07

4Q07 x 3Q07102%

2007 x 2006 256%

4Q07 x 4Q06 387%

From 38.170 to 80.000 14%

From 80.001 to 130.000

56%

From 130.001 to 180.000

8%

From 180.001 to 260.000

8%

Over 260.000

14%

Launch Mix - 4Q07

From 38.170 to 80.000 14%

From 80.001 to 130.000

56%

From 130.001 to 180.000

17%

From 180.001 to 260.000

7%

Over 260.000

6%

Launch Mix - 12M07

7

Contracted Sales (MRV% in R$’000)

From 38.170 to 80.000 18%

From 80.001 to 130.000

43%

From 130.001 to 180.000

21%

From 180.001 to 260.000

13%

Over 260,000

5%

Sales Mix - 4Q07

From 38.170 to 80.000 19%

From 80.001 to 130.000

41%

From 130.001 to 180.000

23%

From 180.001 to 260.000

14%

Over 260,000

3%

Sales Mix - 12M07

58.1

249.8

206.2

717.0

191.0

249.8

-

100

200

300

400

500

600

700

800

4Q06 4Q07 2006 2007 3Q07 4Q07

4Q07 x 3Q0731%

2007 x 2006 248%

4Q07 x 4Q06 330%

8

Land Bank (%MRV)

1,432.7 1,419.6

3,431.0

6,411.9

10,009.0 10,384.4

Dec 31, 06 Mar 31, 07 Jul 31, 07 Oct 31, 07 Dec 31, 07 Feb 29, 08 9

February, 29th, 2008 (%MRV)

LAND BANK PER STATEPSV

(R$ Million)% per State

#

Projects

# Units

(Thousand)

Average Price

(R$'000)% Swap

São Paulo SP 6.762,4 65,1% 132,0 70,5 95,9 25,2%Minas Gerais MG 1.487,0 14,3% 59,0 18,1 82,3 7,9%Rio de Janeiro RJ 323,3 3,1% 17,0 3,8 86,1 28,0%Goiás GO 502,7 4,8% 14,0 5,7 88,5 60,8%Distrito Federal DF 21,0 0,2% 3,0 0,2 100,4 72,7%Paraná PR 263,5 2,5% 14,0 2,5 107,4 12,6%Rio Grande do Sul RS 203,1 2,0% 10,0 1,9 104,4 16,6%Espírito Santo ES 460,4 4,4% 8,0 5,2 87,7 0,0%Santa Catarina SC 157,7 1,5% 9,0 1,5 105,4 4,6%Bahia BA 37,7 0,4% 4,0 0,4 98,1 0,0%Ceará CE 132,6 1,3% 6,0 1,5 89,0 0,0%Rio Grande do Norte RN 33,2 0,3% 1,0 0,4 85,0 0,0%

TOTAL - 10.384,4 100% 277,0 111,6 93,0 21,9%

R$ Million

Landbank - Distribution In Feb 29, 2008

State capital and metropolitan areas 43%

Countryside cities 57%

Net Operating Revenue

10

44.7

128.9 140.3

384.1

113.3 128.9

-

50

100

150

200

250

300

350

400

450

4Q06 4Q07 2006 2007 3Q07 4Q07

4Q07 x 3Q0713.8%

2007 x 2006 173.8%

4Q07 x 4Q06 188.6%

Gross Income and Gross Margin

18.6

54.7 49.6

153.8

45.9 54.7

41.7%

42.4%35.3%

40.0%

40.5%

42.4%

4Q06 4Q07 2006 2007 3Q07 4Q07

Gross Income (R$'MM) Gross Margin (%)

11

Adjusted EBITDA and Adjusted EBITDA Margin

12

9.1

32.122.5

93.4

31.4 32.1

20.4%

24.9%

16.0%

24.3%

27.7%

24.9%

4Q06 4Q07 2006 2007 3Q07 4Q07

Adjusted EBTIDA (R$'MM) Adjusted EBTIDA Margin (%)

Adjusted Net Income and Adjusted Net Margin

6.7

45.4

17.0

107.7

37.9 45.4

15.0%

35.2%

12.1%

28.0%

33.4%35.2%

4Q06 4Q07 2006 2007 3Q07 4Q07

Adjusted Net Income (R$'MM) Adjusted Net Margin (%)

13

Adjusted G&A (R$’000) and Adjusted G&A / Contracted Sales (%)

Productivity Indicators – G&A Expenses

14

8.5

19.5

24.2

54.6

14.1

19.5

14.6%

7.8%

11.7%

7.4% 7.4%7.8%

4Q06 4Q07 2006 2007 3Q07 4Q07

Adjusted G&A (R$'MM) Ajusted G&A / Sales (%)

Productivity Indicators – Selling Expenses

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

3.4

10.9 11.4

31.0

8.4

10.9

5.9%

4.4%

5.5%

4.3% 4.4% 4.4%

4Q06 4Q07 2006 2007 3Q07 4Q07

Sales Expenses (R$'MM) Sales Expenses / Sales (%)

15

Unearned Results (R$’000)

16

R$'MM

UNEARNED RESULTS 4Q07 3Q07 4Q06Var %

4Q07 x 3Q07

Var %

4Q07 x 4Q06

Unearned Sales Revenues 438.3 326.9 119.3 34.1% 267.5%

Unincurred Cost of Units Sold (208.0) (145.5) (55.9) 43.0% 272.2%

Unearned results 230.3 181.4 63.4 26.9% 263.4%

Unearned margin (%) 52.5% 55.5% 53.1% -3 p.p. -0.6 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 revised outlook for 2008:

Outlook

GUIDANCE 20082008

Revised

PSV (%MRV - R$'MM) 2.000 ~ 2.200 2.500 ~ 2.800

Contracted Sales - R$'MM 1.500 ~ 1.700 1.800 ~ 2.000

Gross Margin 40% ~ 44% 40% ~ 44%

EBITDA Margin 24% ~ 28% 24% ~ 28%

Net Margin 21% ~ 25% 21% ~ 25%

17

Accounting Practices and Tax Regime

2007 Accounting Practices

Sales Expenses: The projects’ expenses related to advertising and media, construction of the sales stand, furniture

and interior design of the model apartment are deferred are recognized into the result according to the percentage of

sales of each development.

Interest Capitalization: Interest from loans is capitalized as cost of real estate for sale and is subsequently recognized

in our results according to the Percentage of Completion Method. Interest is capitalized based on the average balance of

the projects under construction and the average balance of loans and financing.

Swapped Units: effective construction cost is diluted among other units.

Tax Regime

Taxable income for the Parent Company and deemed income system for Subsidiaries.

Non-cumulative PIS and COFINS on the Parent Company, cumulative PIS and COFINS on Subsidiaries.

IFRS

From 2009 on.

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

but reflect the goals and expectations of MRV Engenharia’s management. Words

such as “anticipates”, “believes”, “may”, “will”, “expects”, “intends”, “plans”,

“estimates” or similar expressions are forward-looking statements. Though we believe

that these forward-looking statements are based on reasonable assumptions, they

are subject to risks and uncertainties, and are based on information currently

available with MRV Engenharia. This presentation is current as of end 4Q07 and

MRV Engenharia takes no responsibility to update it with new information and/or

forward-looking statements. MRV Engenharia is not responsible for investments or

investment decisions based on information contained in this presentation.

Disclaimer

19

Leonardo Corrêa

Executive VP and Investor Relations Officer

Mônica Simão

Financial Director

Telephone: (31) 3348-7171

E-mail: ri@mrv.com.br

www.mrv.com.br/ri

Contacts

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