Earnings Release 2Q11 and 1H11August 10, 2011

Rubens Menin

Opening Comments

2

EarningsRelease 2Q11

Highlights

3

Consistent Operational and Financial Performance;

Client financing;

MRV LOG.

EarningsRelease 2Q11

Comfortable cash position

4

EarningsRelease 2Q11

ASSETS LIABILITIES AND SHAREHOLDERS' EQUITY

Cash and cash equivalents 687,105 Current Liabilities 1,885,045

Receivables from real estate development 3,781,497 Noncurrent Liabilities 2,284,272

Real estate for sale and development 2,286,644 Total Shareholders' Equity 3,424,552

Other assets 838,623

Total Current Assets 7,593,869 Total Liabilities and Shareholders’ Equity 7,593,869

BALANCE SHEET as of 06/30/2011 (R$ thousand)

ASSETS LIABILITIES AND SHAREHOLDERS' EQUITY

Cash and cash equivalents 1,187,105 Current Liabilities 1,885,045

Receivables from real estate development 3,781,497 Noncurrent Liabilities 2,784,272

Real estate for sale and development 2,286,644 Total Shareholders' Equity 3,424,552

Other assets 838,623

Total Current Assets 8,093,869 Total Liabilities and Shareholders’ Equity 8,093,869

BALANCE SHEET as of 06/30/2011 (R$ thousand) as if the 5th Debentures Issuance had occurred in 2Q11

The residential market is sustainable in the long run...

5

Government Program Resources (R$ billion)

Monthly Income Limit to the MCMV Program

Monthly Income Limit to the Financing through FGTS

Target (Term)

Duration

Income Ranges Monthly Income Units Monthly Income Units

Range 1 up to R$1,395 400,000 up to R$1,600 1,200,000

Range 2 from R$1,395 to R$2,790 400,000 from R$1,600 to R$3,100 600,000

Range 3 from R$2,790 to R$4,650 200,000 from R$3,100 to R$5.000 200,000

Total Units Built 1,000,000 2,000,000

2 years 4 years

MCMV 1 MCMV 2

34.0 72.6

up to R$4,650 up to R$5,000

up to R$4,900 up to R$5,400

Dec/10 Dec/14

EarningsRelease 2Q11

Operational and Financial Performance

Consistent Performance: Operational and Financial

6

2Q11

Built Units Finished Units

Net Operating Revenue Net Income

2,998 3,720

7,470

4,759

11,190

2Q10 1Q11 2Q11 1H10 1H11

135%

101%

149%

6,478 6,802 8,439

11,619

15,241

2Q10 1Q11 2Q11 1H10 1H11

31%

24%30%

705.1 802.3

988.4

1,273.7

1,790.7

2Q10 1Q11 2Q11 1H10 1H11

40.2%

40.6%

23.2%

150.5 152.6

189.8

266.3

342.4

21.3% 19.0% 19.2% 20.9% 19.1%

-75.0%

-55.0%

-35.0%

-15.0%

5.0%

25.0%

2Q10 1Q11 2Q11 1H10 1H11

-

100.0

200.0

300.0

400.0

500.0

600.0

26.1%

28.5%

24.4%

Client Financing

Cash Burn Homebuilding (R$ million)

7

Important perfomance of the Real Estate Correspondent

Client Financing

5,665 5,593

7,505

10,367

13,098

2Q10 1Q11 2Q11 1H10 1H11

26%

34%32%

216.3

78.6

138.3

73.5

112.8

Quarterly Avg.

2008Quarterly Avg.

2009Quarterly Avg.

2010Quarterly Avg.

1H112Q11

Operational and Financial Performance 2Q11

MRV LOG Operation: Administrative and Financial Independence

8

Other Shareholders

42.0% 24.7% 33.3%

Controlling Group contributed with R$ 100 millionStarwood contributed with R$ 250 million

National Footprint Portfolio on 06/30/2011

nº of cities 19

nº of states 8

nº of projects 30 Logistic Warehouses 833,379 1,005.9

Shopping and Strip Malls 123,965 406.3

GLA in Operation (m2) Office 68,332 199.6

Logistic Warehouses Total 1,025,676 1,611.9

on 06/30/2011 47,605

on 12/31/2011(1)133,440 Betim Lot Project

Total Area (m2) 5,943,238.2

# of Clients Saleable Area (m2) 3,446,747.2

on 06/30/2011 12 nº of lots 460

on 12/31/2011(1)32 Total Investment (R$ mi l l ion)

(1)174.8

% MRVLOG participation 50%

Annual Investment (R$ million)

in 2011 in 2012 (1) Estimated Values

Total Investment(1)328.6 595.2 GLA = Gross Leasable Area (m 2 )

Operational Highlights MRVLOG

GLA (m2)Total Investments

(R$ million)(1)

EarningsRelease 2Q11

National Footprint Portfolio on 06/30/2011

nº of cities 19

nº of states 8

nº of projects 30 Logistic Warehouses 833,379 1,005.9

Shopping and Strip Malls 123,965 406.3

GLA in Operation (m2) Office 68,332 199.6

Logistic Warehouses Total 1,025,676 1,611.9

on 06/30/2011 47,605

on 12/31/2011(1)133,440 Betim Lot Project

Total Area (m2) 5,943,238.2

# of Clients Saleable Area (m2) 3,446,747.2

on 06/30/2011 12 nº of lots 460

on 12/31/2011(1)32 Total Investment (R$ mi l l ion)

(1)174.8

% MRVLOG participation 50%

Annual Investment (R$ million)

in 2011 in 2012 (1) Estimated Values

Total Investment(1)328.6 595.2 GLA = Gross Leasable Area (m 2 )

Operational Highlights MRVLOG

GLA (m2)Total Investments

(R$ million)(1)

Portfolio on 06/30/2011

Logistic Warehouses 833,379 1,005.9

Shopping and Strip Malls 123,965 406.3

Office 68,332 199.6

Total 1,025,676 1,611.9

Betim Lot Project

Saleable Area (m2) 3,446,747.2

Total Investment (R$ mi l l ion) (1)

174.8

% MRVLOG participation 50%

GLA (m2)Total Investments

(R$ million)(1)

Disclaimer

9

This presentation may contain certain forward-looking statements and information relating to MRV that reflect the current views and/or expectations ofthe Company and its management with respect to its performance, business and future events. Forward looking statements include, without limitation, anystatement 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, uncertaintiesand 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, agentsor employees shall be liable before any third party (including investors) for any investment or business decision made or action taken in reliance on theinformation 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 anythingcontained 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, marketresearch, publicly available information and industry publications. Although we have no reason to believe that any of this information or these reports areinaccurate in any material respect, we have not independently verified the competitive position, market share, market size, market growth or other dataprovided by third parties or by industry or other publications. MRV does not make any representation as to the accuracy of such information.

EBITDA is not a Brazilian GAAP and IFRS measure and should not be considered in isolation and should not be considered an alternative to net income, asan indicator of our operating performance or cash flows or as a measure of our liquidity. EBITDA does not have a standard definition and other companiesmay measure their EBITDA in a different way.

EarningsRelease 2Q11

Leonardo CorrêaChief Financial Officer

Mônica SimãoChief Investor Relations Officer

Gerson MazerInvestor Relations Manager

Ph.: +55 (31) 3348-7150

E-mail: ri@mrv.com.br

www.mrv.com.br/ri

Contacts

10

EarningsRelease 2Q11