The document is an investor presentation by Embraer that provides an overview of the company, the airline and corporate jet markets, and Embraer's strategic plans. Some key points: - Embraer discusses the transition underway in the global airline industry toward more regional jets, low-cost carriers, and network expansion by both. - Data is presented showing growth in regional jet networks in the US and Europe over time. - Embraer's strategic focus is on continued diversification across commercial jet sizes and business units like defense. - A new product family, the E-Jets between 70-110 seats, is introduced to fill a gap in the market and enhance airline networks.

1. Investors
Presentation

2. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
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.
Forward Looking Statement

3. Building a
Global
Competive
Company

4. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
High Technology
Qualified People
Global Presence
Flexibility
Cash Intensiveness
Fundamentals
Aeronautical Industry Fundamentals
CUSTOMER
SATISFACTION
Backbone of our
entrepreneurial action

5. Towards
Growth &
Diversification

6. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Business Diversification
Expected Sales Breakdown
In five years
Corporate
Jets
Customer
Service
Defense
Commercial
70%
30%
Customer
Serviçes
10%
Corporate
12%
Defense
13%
Comercial
65%
Current Sales Breakdown
3Q03

7. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
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 170
EMBRAER 175
EMBRAER 190
EMBRAER 195
AMX-T
AEW&C/ RS/ MP
AL X
(EMB 314)
Mirage 2000 BR ?
AMX
ERJ 145 XR

8. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Custommer Diversification
Civil & Defense Aircraft flying in 58 countries on 5 continents

9. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
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

10. Airline Market
Status, Trends
and Outlook

11. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Share of US Domestic Passenger Enplanements
Source: AvStat Associates, Inc. analysis of U.S. DOT data.
91%
84%
71%
65%
7%
16%
19%
5% 9% 13% 16%3%
0%
20%
40%
60%
80%
100%
1980 1990 2000 2002
Majors Low Cost/New Entrants Regionals
Market Evolution - USA

12. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Share of Intra-European RPKs
86% 82% 82% 81% 79% 78% 73% 73%
8%
14% 17% 17% 17% 18% 17% 19% 19%
8%
1%
1% 1% 2% 4% 5%
0%
20%
40%
60%
80%
100%
1995 1996 1997 1998 1999 2000 2001 2002
Majors Low Cost Regionals
Source: AEA, ERA, ATI
2002 Low Cost Data Estimated
Low Cost: easyJet + Go + Ryanair
Market Evolution - Europe

13. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
• Fundamental Correction – Not a Traditional Cycle
• Decreasing Average Fare Values
• Decreasing Capacity (USA)
• Increasing Low Cost Carrier Critical Mass
• Increasing Regional Jet Critical Mass
• Pressure on Existing Worldwide Airline Model
• Major USA Airlines trying to re-invent themselves
• Regional affiliates strongly being used as defensive tools
(point-to-point X hub and spoke)
• Low cost carriers also being inserted in the current “major”
airline model
An Industry in Transition

14. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Full Service
> 65 years old
Full Service
> 65 years old
Regional Jets
< 10 years old
Regional Jets
< 10 years old
Low Cost
Carriers
< 35 years old
Low Cost
Carriers
< 35 years old
Components of Current Airline Model

15. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
3. Optimization of Old and
Inefficient Narrowbody
Services
• Rightsizing aircraft capacity
with demand
• Long & thin routes
• New market opportunities
• Profit potential
1. Turboprop Substitution
• Productivity improvements
• Passenger jet preference
2. Frequency, Frequency . . .
Sustaining Regional Jet Growth

16. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Source: Back OAG (ERJ-145/140/135, CRJ-100/200, 328Jet routes)
Jan 1995 – 76 Routes
Jan 2003 – 1874 Routes
Regional Jet Networks - USA

17. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Jan 1995 – 104 Routes
Jan 2003 – 1072 Routes
Source: Back OAG (ERJ-145/140/135, CRJ-100/200, 328Jet routes)
Regional Jet Networks - Europe

18. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
37 Seats
44 Seats
50 Seats
Responding to Market Needs

19. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
• Fare Structure
• Simplified Fare Structures (regular coach fare, limited discounted coach fare)
• Low fares Stimulating Demand
• Cost Leadership
• Smart Wage Structures / Partnership with Employees / High productivity
• High Utilization of Assets
• Lean Structure and Operation / Low Overheads / Flexibility and agility
• Low Distribution Costs
• Route Structure
• Point-to-Point Networks / Medium-Haul Flights
• High frequencies / High load factors
• Simplified (adequate) on board service
• New airplanes / Good safety track record
The Low Cost Model
• New Frontiers
• Penetration into new (thinner) markets
• Single fleet type no longer a sacred cow

20. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Jan 1995 – 336 Routes
Jan 2003 – 944 Routes
Source: BACK OAG (Southwest, Jetblue, Airtran and Frontier)
Low Cost Networks - USA

21. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Source: BACK OAG (Ryanair, easyjet, Buzz and GO)
Jan 1995 – 18 Routes
Jan 2003 – 374 Routes
Low Cost Networks - Europe

22. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
RASK
Capacity
Traditional Main
Line Full Service Model
RegionalRegional
Jet ModelJet Model
Low Cost
Model
...increase capacity to match market growth,
or/and expand their air services to secondary city pairs
LCC Next Steps...

23. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
.... Natural Growth, or Capacity Rightsizing,There is a need for adding another component
E - Jet
Model
Regional
Jet Model
Traditional Main
Line Full Service Model
RASK
Capacity
Low Cost
Model
Beyond the Current Model...

24. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Full Service
> 65 years old
Full Service
> 65 years old
Regional Jets
< 10 years old
Regional Jets
< 10 years old
Low Cost
Carriers
< 35 years old
Low Cost
Carriers
< 35 years old
E- Jets
(70-110 seats)
E- Jets
(70-110 seats)
• Natural evolution of
50 seat market
• Tapping an existing gap
• Replacing old & inefficient
narrow bodies
• Low risk for demand
stimulation
• New market opportunities
(range)
• Enhancing services
(frequency)
• Blurring the line between
regional and mainline
operations
Introducing a 4th Component...
The Next Step in Industry Transition

25. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
EMBRAER 170/190 Family
Seat Capacity
120
160
40
80
Stage Length (nm)
200 400 600 800 1000 1200 1400 . . .
30 Seat
Tprops
50 Seat
ERJ 145
Narrow Body Large
Aircraft
37 - 44 Seat
ERJ 135/140
Experience
Entertainment
Easy
Enhance
Express
E verywhere
Excellence
Exceptional
Environment
Embraer
Engineering Ergonomics Economics Efficiency
Introducing the E- Jets

26. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
34% of flights
depart with loads
appropriate
for 100-110 seat
aircraft27% of flights depart
with loads appropriate
for 70-80 seat aircraft
Passengers per Departure
<50<50 5050 100100 140140
17%
3%
2%
4%
9%
14%
17%
13%
8%
7%
4%
2%
PercentageofTotalDeparture
6060 7070 8080 9090 110110 120120 130130 >150>150
Source: Back (US DOT T100 Jan-Sep 2002)
The Need for 70-110 Seat Jets in the USA

27. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Replacement of Ageing Aircraft
Fleet in Service (61-120 seat segment - Dec/2002)
Source: Fleet PC (Scheduled Airlines, Active in Service and All Passenger Configuration)
372
208
108
277
330
453
304
0
100
200
300
400
500
0 - 5 6 - 10 11 - 15 16 - 20 21 - 25 26 - 30 >30
Aircraft Age (Years)
NumberofAircraft
689 aircraft with more than 20 years
(34 % of total fleet in service)
Market Opportunities - Global

28. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
70 – 78 Seats
78 – 86 Seats
98 - 106 Seats
108 – 118 Seats
Fleet Management Flexibility and Load Factor Optimization
E-conomics – Aircraft Commonality

29. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
*Based on Total Operating Costs; Average OW net fare 500 sm USD 90; 600 sm USD 98
USA Environment
EMBRAER 170
78 seat
EMBRAER 175
86 seats
EMBRAER 190
106 seats
EMBRAER 195
118 seats
PROFITBREAK-EVEN*
40 PAX (51%) 38 PAX
44 PAX (51%) 42 PAX
57 PAX (54%) 49 PAX
62 PAX (53%) 56 PAX
*Based on Total Operating Cost
500 sm for EMBRAER 170/175
600 sm for EMBRAER 190/195
E-conomics – Profitable by Design

30. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
… in a First Class cabin
• Single seat ü
• Exclusive environment ü
ü• Partition
ü• Stowage
ü• Catering
ü• Seat comfort
ü• Exclusive lavatory
Everything you expect…

31. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
… in an Economy cabin
• Middle seat X
X• Cramped seating
X• Narrow aisle
X• Single lavatory
X• Limited baggage space
X• Limited catering capabilities
• “Cattle” feeling X
Nothing you don’t like

32. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
EMBRAER 190
EMBRAER 170
EMBRAER 195
EMBRAER 175
FAR Domestic Reserves
Taxi allowance
14 minutes
Air Maneuvers
3 minutes
Cruise
ISA
Wind
85% Annual Reliability
Pax Weight & Baggage
90.7 kg (200 lb)
E-fficiency – Range from Dallas

33. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
JAR OPS Reserves
Taxi allowance
14 minutes
Air Maneuvers
3 minutes
Cruise
ISA
Wind
85% Annual Reliability
Pax Weight & Baggage
90.7 Kg (200 lb)
EMBRAER 190
EMBRAER 170
EMBRAER 195
EMBRAER 175
E-fficiency – Range from Paris

34. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
E - Jet
Model
New Embraer
E-Jet family
New Embraer
E-Jet family
RegionalRegional
Jet ModelJet Model
Traditional Main
Line Full Service Model
Low Cost
Model
Filling an Untapped Market

35. Corporate
Aircraft Market
Status, Trends
and Outlook

36. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Lear45 $10,3M G L O B E x p $ 4 4 , 4 M
F 7 X $ 3 5 , 8 M
G 5 0 0 $ 3 7 , 5M
G 5 5 0 $ 4 5 , 8 M
G 4 0 0 $ 3 2 , 5 M
G L O B 5 0 0 0 $ 3 3 , 5 M
Chal 6 0 4
$ 2 4 , 9 M
F 9 0 0 C $ 3 0 , 4 M
F 9 0 0 E X $ 3 4 , 3 M
G 2 0 0 $ 2 0 , 2 M
C h a l 3 0 0 $ 1 7 , 4 M
F 5 0 E X $ 2 0 , 0 M
F 2 0 0 0 $ 2 2 , 6 M
H o r i z $ 1 8 , 0 M
C i t X $ 1 9 , 4 M
G 1 0 0 $ 1 1 , 8 M
L e a r 6 0 $ 1 2 , 7 M
8 0 0 X P $ 1 3 , 0 M
L 4 5 X R $ 1 0 , 8 M
E n c o r e $ 7 , 6 M
E x c e l $ 1 0 , 2 M
L e a r 3 1 $ 6 . 6 M
B 4 0 0 A $ 6 , 6 M
B r a v o $ 5 , 7 M
C J 1 $ 4 , 0 M
C J 2 $ 5 , 2 M
P r e m i e r $ 5 , 6 M
S J- 3 0 $ 5 , 5 M
S o v e r e i g n $ 1 3 , 5 M A C J $ 4 7 M
B B J 2 $ 6 5 M
B B J 1 $ 5 2 M
L A R G E U - L O N G - R A N G EL I G H T M I D L I G H TE N T R Y M I D S I Z E S U P E R M I D S I Z E G L O B A L
M u s t a n g $ 2 , 3 M
P R E E N T R Y
E c l i p s e $ 8 5 0 K
S a f i r e $ 1 M
G 3 0 0 $ 2 5 , 5M
G 1 5 0 $ 1 2 , 5M
Lear 40 $ 7 , 7 M
C J 3 $ 6 , 0 M
F 2 0 0 0 E X $ 2 3 , 8 M
L e g a c y $ 2 0 , 8 M
Chal 8 0 0
$ 2 7 , 1 M
Prices as in BC&A May03
A crowded and oversegmented marketplace

37. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Current Competitive Environment
G 4 0 0 $ 3 2 , 5 M
G L O B 5 0 0 0 $ 3 3 , 5 M
C h a l 6 0 4 $ 2 4 , 9 M
F 9 0 0 C $ 3 0 , 4 M
F 9 0 0 E X $ 3 4 , 3 M
G 2 0 0 $ 2 0 , 2 M
C h a l 3 0 0 $ 1 7 , 4 M
F 5 0 E X $ 2 0 , 0 M
F 2 0 0 0 $ 2 2 , 6 M
H o r i z $ 1 8 , 0 M
C i t X $ 1 9 , 4 M
G 1 0 0 $ 1 1 , 8 M
L e a r 6 0 $ 1 2 , 7 M
8 0 0 X P $ 1 3 , 0 M
S o v e r e i g n $ 1 3 , 5 M
L A R G E
M I D S I Z E
SUPER MID SIZESUPER MID SIZE
G 3 0 0 $ 2 5 , 5M
G 1 5 0 $ 1 2 , 5M
F 2 0 0 0 E X $ 2 3 , 8 M
L e g a c y $ 2 0 , 8 M
Chal 8 0 0 $ 2 7 , 1 M
Prices as in BC&A May03

38. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Legacy - A New, Breakthrough Concept
QQ Based on a proven airplane platform (ERJ 135),Based on a proven airplane platform (ERJ 135),
with almost 700 aircraft in operationwith almost 700 aircraft in operation
QQ Represents value for customersRepresents value for customers
üüComfortComfort
üüPerformancePerformance
üüCost EfficiencyCost Efficiency
üüReliabilityReliability
QQ Best cost benefit alternativeBest cost benefit alternative

39. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Legacy Executive - interior

40. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Supermidsize category
10 20 30 40 50ft
m 3 6 9 12 15
Challenger 300
23‘8”
(7,22m)
25‘
(7,62m)
Horizon
G200
24‘6”
(7,46m)
42’6”
(12,94m)

41. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Large category
10 20 30 40 50ft
m 3 6 9 12 15
Falcon 2000
26‘4”
(8,01m)
G400
41’
(12,49m)
42’6”
(12,94m)

42. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Legacy Shuttle - Interior

43. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Fractional Ownership Program with Flight Options
S/N 462S/N 412
S/N 495 S/N 528
• Introduction in the US market - Thanksgiving 2003
• Showcase for the Legacy in this booming market segment

44. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Area of operation: US
Owner: Raytheon
2002 Total shares sold market-share: 24%
Fleet* and Backlog
S e g m e n t Manufacturer Equipment # ACFT Avg Age Backlog
Entry Cessna CitationJet 11
Entry Raytheon Premier I 71
Light Cessna Citation II 6
Light Raytheon Beechjet 400 75 12
Midlight Cessna Citation III 11
Midlight Cessna Citation V 6
Midlight Raytheon Hawker 450 50
Midsize Raytheon Hawker 700 1
Midsize Raytheon Hawker 800 39
Supermidsize Dassault Falcon 50 7
Supermidsize Raytheon Horizon 27
Large Bombardier Challenger 601 11
Large Gulfstream IV 2
Total 169 9 160
* Plus undisclosed amount of Citation X in the fleet
Sources: A M S T A T , Airclaims (through MLynch)

45. Embraer
Market
Forecast

46. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
World (30-120 seat segment): 8,610 jets (US$180 billion)
4,750
1,700
1,600
1,450
2014 - 2023
8,450
2,950
2,900
2,600
2004 - 2023
3,700TOTAL
1,25091 – 120
1,30061 – 90
1,15030 - 60
2004 - 2013Segment
World Deliveries by Segment - Jets
Airline Market Forecast 2004-2023

47. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Asia
Pacific
480
6%
Asia
Pacific
480
6%
China
635
8%
China
635
8%
USA, Canada
& Caribbean
4,740
56%
USA, Canada
& Caribbean
4,740
56%
30 - 120 Seats: 8,450 Jets
Europe,
Middle East
& Africa
1,970
23%
Europe,
Middle East
& Africa
1,970
23%Latin
America
625
7%
Latin
America
625
7%
Airline Market Forecast 2004-2023

48. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Corporate Aircraft Demand 10-year Forecast
400
500
600
700
800
900
1000
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
#ofAircraft
EMBRAER Jul03 TEAL May03
Forecast Int'l Jun03 Honeyw ell Jun03
Rolls-Royce Jun03 Average TRB Jun03
8,078
6,900
6,535
6,181
6,833
6,525
s o u r c e : T R B J u n 0 3 v i a R R
Supermidsize = 1,250 units

49. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Revenue Forecast per Prod. Category
0
2 . 0 0 0
4 . 0 0 0
6 . 0 0 0
8 . 0 0 0
1 0 . 0 0 0
1 2 . 0 0 0
1 4 . 0 0 0
1 6 . 0 0 0
2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2
US$million
E N T R Y LIGHT M-LIGHT
M-SIZE SUPER-MIDSIZE L A R G E
U L T R A - L O N G R A N G E G L O B A L
A c c u m u l a t e d R e v e n u e C o m p o s i t i o n
( 2 0 0 3 - 2 0 1 2 )
ENTRY
4%
LIGHT
6%
M-LIGHT
5%
LARGE
22%
GLOBAL
5%
SUPER-
MIDSIZE
23%
ULTRA-
LONG
RANGE
20%
M-SIZE
15%
Corporate Market New Segments

50. Commercial
Backlog

51. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
193
156
20
17
Firm
Backlog
6871,371491880Total
5091,130465665ERJ 145
741142094ERJ 140
1041276121ERJ 135
DeliveriesTotalOptionsFirm(as of September 30t h
, 2003)
ERJ 145 Family Orderbook

52. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
260150110EMBRAER 190
553308245Total
453015EMBRAER 195
248128120EMBRAER 170
TotalOptionsFirm(as of September 30t h
, 2003)
EMBRAER 170/190 Family Orderbook

53. Social
Responsibility

54. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Number of Employees
April / 97: minimum of 3,200 people
12,227
6,087
4,319 4,494
6,737
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 1 32
SINGAPORE 10EUROPE 194
AUSTRALIA 09
Oct 03
Employees
* ELEB employees included

55. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
3 0 %
4 %
1 %
6 5 %
Qualified People
Educational Levels
25% of the employees are engineers
Current as of 2002
College
Undergraduate
s
High School
Graduates
Graduates
Masters or PhD

56. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Foccus on Trainnnig
More than US$ 81.5 million invested in
training and development in the last 4 years
21 18
24.5
18
1999 2000 2001 2002
In–house courses:
• 18 - month graduate course in Aeronautical Engineering
• 2 - year MBA course focused on international trade
US$ million

57. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Comunity
Social & Comunity foccus on Education
Eng. Juarez Wanderley High
School developed for 600
students
Implementing several programs
including the Action Plan concept
in public schools benefiting more
than 34,000 students

58. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Health & Environment
Environment
ISO 14001 Certificate
(Mar/2002)
Health & Security
Certification OHSAS 18001
(Mar/2002)

59. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Dow Jones Sustainabilly Index
Recognignition of its corporate policy
sustainabilly through:
Creation of Shareholder Value -
Medium & Long Term
Social & Environment
responsability
Corporate Governance
Nominated for the third consecutive year
For the DOW JONES SUSTAINABILITY WORLD INDEX

60. 3rd
Quarter
Results
US Gaap

61. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Jet Deliveries
Units
23
28
20
41
303030
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03

62. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
US$ Million
Net Sales & Gross Margin
798
489
567
439557
581
590
38,1%
36.5%
39.9%
39.2% 39.3% 39.1%
39.7%
0
250
500
750
1000
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03
30%
40%

63. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Sales per Segment
Third Quarter 2003
Sales per Market
Third Quarter 2003
Revenue Breakdown
Customer
Serviçes
10%
Corporate
12%
Defense
13%
Comercial
65%
Foreing
Market
94%
Brazil
6%

64. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
US$ Million
SG&A and Others Expenses
Note: SG&A includes Profit Sharing and does not include R&D
85
76 76 76
86
79
124
18.1%
15.1%15.5%15.5%
13.0%13.0%
15.2%
-
30
60
90
120
150
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03
0%
3%
6%
9%
12%
15%
18%
21%
SG&A and Others SG&A , Others (% of Net Sales)

65. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
US$ Million
Research & Development
41
30
42
46
36
51
39
8.9%9.1%
7.3%7.2%
5.1%
7.4%
5.8%
-
20
40
60
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03
0%
2%
4%
6%
8%
10%
R&D R&D (% of Net Sales)

66. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
US$ Million
Income from Operations
142
83 4970
119 11197
11.3%
12.3%
17.0%
17.9%
19.1%
20.3%
17.3%
0
200
400
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03
10%
15%
20%
25%

67. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Net Income & Margin
44
5
19
774137
68
4.4%
12.2%
6.2%
7.0%
9.7%
9.0%
0.9%
0
50
100
150
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03
0%
15%
US$ Million

68. Balance Sheet
Highlights

69. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Trade Accounts Receivable
US$ Million
707
247
326
736
913
790
981
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03
Note: In the short -term

70. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Inventories
Note: In the short -term
995 992
946
865
1111
10131005
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03
US$ Million

71. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Net Cash (Debt)
US$ Million
39
360
217
104
(212)
43
(178)
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03

72. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Bank Debt - US$ 1,059.7 million
September 30, 2003
Loans Breakdown
Debt MaturityCurrency Breakdown
• Considering Currency Swaps
• Average R$ debt cost: 18.9% p.a. (83.2% of CDI)
• Average US$ debt cost: 4.9% p.a.
• Loan Average Maturity: 2 years and 2 months
Long
Term
49%
Short
Term
51%
US$
34%
R$
66%

73. Investments &
Productivity

74. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
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
2 0
4 0
6 0
8 0
1 0 0
1 2 0
1 4 0
1 6 0
1 8 0
1999 2000 2001 2002 Sep. 03
PP&E
R&D

75. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
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 6,0
5,5
4,9 5,0
3,7 3,5
1996 1997 1998 1999 2000 2001 2002 Sep.
03
Reduced Production Cycle

76. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
91
185
242 247
307
254
227
0
50
100
150
200
250
300
350
1996 1997 1998 1999 2000 2001 2002
Revenues per Employee
(US$ thousand)
Brazilian GAAP

77. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Investments Forecast
R&D Total
- Commercial Aviation
- Corporate Aviation
- Others
Defence
200403 Original
167
126
14
27
53
174
139
16
19
42
Productivity and PP&E 58 64
T O T A L 278 280
US$ million
Defence Investments are funded by their contracts and are not included
in the R&D expenses, but in Cost of Sales and Services.
2005
119
72
27
20
54
81
254
03 Actual
140
100
20.
20
48
33
221
(*) Does not include new program & Acquisitions

78. Backlog &
Delivery
Forecast

79. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
In 3Q03 - US$ 27.6billion in total orders,
including US$ 10.4 billion in firm orders
Backlog
US$ billion
10.410.3
7.99.0
10.711.4
6.4
4.13.0
1.2
17.216.8
11.3
13.2
12.7
12.7
11.3
0
5
1 0
1 5
2 0
2 5
3 0
1996 1997 1998 1999 2000 2001 2002 1 Q 0 3 2 Q 0 3 3 Q 0 3
Options
Firm Orders
1.2
3.0
4.1
17.7
24.1
23.4
22.2
19.2
27.1
27.6

80. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Jet Deliveries
Jet Deliveries
4
32
59
96
160 161
131
102
160 170
1996 1997 1998 1999 2000 2001 2002 2003 E 2004 E 2005 E

81. THE INFORMATION CONTAINED HEREIN IS THE PROPERTY OF EMBRAER AND SHALL NOT BE COPIED OR USED WITHOUT EMBRAER’S WRITTEN CONSENT.
Deliveries Forecast
53% 48%
37%
12% 15%
35%
2004 2005
ERJ 145 Family EMBRAER 170 Family Corporate
53% 48%
37%
12% 15%
35%
2004 2005
ERJ 145 Family EMBRAER 170 Family Corporate
160 expected deliveries for 2004 and 170 for 2005