2003* 4o. Encontro Anual De Investidores Da Embraer EstratéGia Corporativa (DisponíVel Apenas Em InglêS)

EmbraerFourth Annual

Investor MeetingSão José dos Campos

Nov. 20-21, 2003

Maurício BotelhoPresident & CEO

2

Forward Looking Statement

This presentation includes forward-looking statements or statements about events or circumstances which have not occurred. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting our business and our future financial performance. These forward-looking statements are subject to risks, uncertainties and assumptions, including, among other things: general economic, political and business conditions, both in Brazil and in our market. The words “believes,” “may,” “will,” “estimates,” “continues,” “anticipates,” “intends,”“expects” and similar words are intended to identify forward-looking statements. We undertake no obligations to update publicly or revise any forward-looking statements because of new information, future events or other factors. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this presentation might not occur. Our actual results could differ substantially from those anticipated in our forward-looking statements.

Building aGlobalCompetitiveCompany

4

High Technology

Qualified People

Global Presence

Flexibility

Cash Intensiveness

FundamentalsAeronautical Industry Fundamentals

CUSTOMER SATISFACTION

Backbone of our entrepreneurial action

Towards Growth& Diversification

6

Business DiversificationExpected Sales Breakdown

In five years

CorporateJets

CustomerService

Defense

Commercial70%

30%

Customer Serviçes

10%

Corporate12%

Defense13%

Comercial65%

Current Sales Breakdown3Q03

7

Product Diversification

70’s 90’s 00’s80’s

BANDEIRANTE(EMB 110/111)

TUCANO(EMB 312)

BRASÍLIA(EMB 120)

ERJ 145

AEW&C/ RS/ MP

ERJ 135

EMB 326

EMB 321

EMB 121

AMX

BRASÍLIA(EMB 120)

ERJ 140

AL X(EMB 314)

LEGACY

ERJ 145

ERJ 135

ERJ 140

EMBRAER 170EMBRAER 175

EMBRAER 190EMBRAER 195

AMX-TAEW&C/ RS/ MP

AL X(EMB 314)

Mirage 2000 BR ?

AMX

ERJ 145 XR

8

Custommer Diversification

Civil & Defense Aircraft flying in 58 countries on 5 continents

GeographicDiversification

10

Global Presence

Operations in Brazil, United States, Europe, Asia and Australia

BrazilGavião Peixoto

BotucatuSão José dos Campos

USANashville

Palm Beach GardensFort Lauderdale France

Le Bourget

ChinaBeijingHarbin

AustraliaMelbourne

SingaporeSingapore

11

Wall Street IPO

2000 – Launch of ADSs at NYSE

12

Recent Geographic Diversification

Q Acquisition of the assets of Celsius Aerotech

Q JV in China

Q Plans for an assembly line in Jacksonville, FL -USA

13

Joint Venture China

2002 – Chines Market penetration throught a Joint Venture

Social Responsabilities

15

Number of Employees

April / 97: minimum of 3,200 people

12,227

6,087 4,319 4,4946,737

11,048

8,302

3,849

94 95 96 97 99 00 01 02

10,334

98

12,803

BRAZIL 11,976*

USA 482

CHINA 132

SINGAPORE 10EUROPE 194

AUSTRALIA 09

Oct 03

Employees

* ELEB employees included

16

30%

4%

1%65%

Qualified People

Educational Levels

25% of the employees are engineersCurrent as of 2002

College Undergraduates

High SchoolGraduates

Graduates

Masters or PhD

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Foccus on Trainnnig

More than US$ 81.5 million invested intraining and development in the last 4 years

21 1824.518

1999 2000 2001 2002

In–house courses:

• 18 - month graduate course in Aeronautical Engineering

• 2 - year MBA course focused on international trade

US$ million

18

Comunity

Social & Comunity foccus on Education

Eng. Juarez Wanderley High School developed for 600students

Implementing severalprograms including the Action Plan concept in public schools benefiting more than 34,000 students

19

Health & Environment

EnvironmentISO 14001 Certificate

(Mar/2002)

Health & SecurityCertification OHSAS 18001

(Mar/2002)

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Dow Jones Sustainabilly Index

Recognignition of its corporate policy sustainabilly through:

Creation of Shareholder Value -Medium & Long Term

Social & Environmentresponsability

Corporate Governance

Nominated for the third consecutive yearFor the DOW JONES SUSTAINABILITY WORLD INDEX

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Social Report

Employee Benefits 2001 US$ 72.4 Million

Profit Sharing

59%

Health Insurance

12%

Pharmacy

1%

Retirement7%

Others

6%

Meals9%

Transportation

5%

Life Insurance

1%Retirement

9%

Life Insurance1%

Transportation5%

Meals9%

Pharmacy1%

Health Insurance15%

Profit Sharing55%

Others3%

Dental Assistence1%

Schoolarship 1%

Employee Benefits 2002US$ 62.2 Million

Corporate Governance

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Corporate Governance

Board of Directors Composition:

Six representatives indicated by the Controlling Shareholders & CEO

Two representatives indicated by the Employees;

Two representatives of the minoritaries shareholders;

Two governament representatives.

Active Board of Directors & Permanent Fiscal Board :

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Corporate Governance

QImplemented:

Trading policyDisclosure PolicyRisk management

QTo be Implemented:Disclosure Comitee Audit ComiteeCode of Etics

Investments & Productivity

26

US$ million

PP&E and R&D

125.8

44.1

127.7

143.8

114.2

60.1

158.6

99.6

69.6

18.8

0

20

40

60

80

100

120

140

160

180

1999 2000 2001 2002 Sep. 03

PP&E

R&D

27

Flexibility incorporated into the production line allowed an increase in efficiency and decrease in production lead time

Lead Time in Months

8.0

6.0 6.05.5

4.9 5.0

3.7 3.5

1996 1997 1998 1999 2000 2001 2002 Sep. 03

Reduced Production Cycle

28

ERJ DELIVERIES

7

400thMar 2001

300thAug 2000

200thDec 1999

1224

100thDec 1998

500thSep 2001

68

600thMay 2002

86

700thMay 2003

12

Family ERJ 145Deliveries

Flexibility

29

91

185

242 247

307

254227

0

50

100

150

200

250

300

350

1996 1997 1998 1999 2000 2001 2002

Revenues per Employee

(US$ thousand)Brazilian GAAP

Backlog & Delivery Forecast

31

In 3Q03 - US$ 27.6billion in total orders, including US$ 10.4 billion in firm orders

Backlog

US$ billion

10.410.37.99.010.711.4

6.44.13.01.2

17.216.8

11.313.2

12.712.7

11.3

0

5

10

15

20

25

30

1996 1997 1998 1999 2000 2001 2002 1Q03 2Q03 3Q03

OptionsFirm Orders

1.23.0

4.1

17.7

24.1 23.422.2

19.2

27.1 27.6

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