Earnings Release 3Q11 and 9M11 November 16, 2011

Rubens Menin

Opening Comments

2

Earnings Release 3Q11

Highlights

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Concentration on low income housing segment;

Consistent Operational and Financial Performance;

Client financing and Cash Burn;

MRV LOG – Value Generation.

Earnings Release 3Q11

Focus on low income housing segment

4

Earnings Release 3Q11

Launches’ distribution of 3Q11 by financing source – MRV % (units)

Inventory at Market Value 3Q11 – %MRV (R$)

Inventory at market value as of Sept. 30, 2011 by financing source

– %MRV (units)

Construction Financing (Contracted Units)

High demand and potential growth on low income housing segment;

Resource availability for this segment’s construction and client’s financing.

FGTS91%

Savings

Accounts

9%FGTS90%

Savings Account

10%

10,403 9,841

18,388

28,159 31,233

3Q10 2Q11 3Q11 9M10 9M11

87%77%

11%

56%

40% 3%Not iniciated

Under constructionFinished

Operational and Financial Performance

Consistent Performance: Operational and Financial

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3Q11

Built Units Launches (%MRV)

Net Operating Revenue EBITDA

1,032.9

751.1

1,448.7

2,752.1

3,243.0

3Q10 2Q11 3Q11 9M10 9M11

18%

93%40%

7,384 8,439 10,262

19,003

25,503

3Q10 2Q11 3Q11 9M10 9M11

34%

22%39%

269.9 255.8 301.1

608.4

758.0

30.6%25.9% 28.5% 28.2% 26.6%

-75.0%

-55.0%

-35.0%

-15.0%

5.0%

25.0%

3Q10 2Q11 3Q11 9M10 9M11

-

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1,000.0

11.6%

24.6%

17.7%

881.1 988.4

1,056.0

2,154.8

2,846.7

3Q10 2Q11 3Q11 9M10 9M11

19.9%

32.1%

6.8%

Client Financing

Cash Burn Homebuilding (R$ million)

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Important perfomance of the Real Estate Correspondent

Client Financing

Operational and Financial Performance 3Q11

216.3

78.6

138.3

75.5 79.5

Quarterly Avg.

2008Quarterly Avg.

2009Quarterly Avg.

2010Quarterly Avg.

9M113Q11

7,744 6,580 5,593

7,505 7,059

18,111 20,157

3Q10 4Q10 1Q11 2Q11 3Q11 9M10 9M11

11%

26%

Previous CEF's

Platform

New CEF's

Platform

(R$ million) sep/11 jun/11 dec/10Chg. Sep/11 x

Jun/11

Chg. Sep/11 x

Dec/10

Total debt 2,671.4 2,135.1 1,939.3 25.1% ↑ 37.7% ↑

(-) Cash and cash equivalents and Short-term investments (1,422.6) (985.3) (1,167.0) 44.4% ↑ 21.9% ↑

Net Debt 1,248.8 1,149.8 772.4 8.6% ↑ 61.7% ↑

Total Shareholders' Equity 3,616.1 3,424.6 3,052.7 5.6% ↑ 18.5% ↑

Net Debt / Total Shareholders' Equity 34.5% 33.6% 25.3% 1.0 p.p. ↑ 9.2 p.p. ↑

Annualized EBITDA 1,204.5 1,023.2 795.9 17.7% ↑ 51.3% ↑

Net Debt / Annualized EBITDA 1.04 1.12 0.97 8.7 p.p. ↓ 0.1 p.p. ↑

MRV LOG

7

Capital contribution;

Value Generation.

Earnings Release 3Q11

Disclaimer

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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. 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, as an indicator of our operating performance or cash flows or as a measure of our liquidity. EBITDA does not have a standard definition and other companies may measure their EBITDA in a different way.

Earnings Release 3Q11

Leonardo Corrêa Chief Financial Officer

Mônica Simão Chief Investor Relations Officer Gerson Mazer Investor Relations Manager

Ph.: +55 (31) 3348-7150

E-mail: ri@mrv.com.br

www.mrv.com.br/ri

Contacts

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Earnings Release 3Q11