Embraer held its fourth annual investor meeting on November 20-21, 2003 in São José dos Campos, Brazil. Maurício Botelho, Embraer's President and CEO, discussed the company's focus on growing and diversifying its business globally. This includes expanding its commercial aircraft portfolio, growing its customer service business, and increasing its international presence through partnerships and acquisitions. Botelho also highlighted Embraer's commitment to social responsibility, training programs, and strong corporate governance.

1. Embraer
Fourth Annual
Investor Meeting
São José dos Campos
Nov. 20-21, 2003
Maurício Botelho
President & 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.
2

3. Building a
Global
Competitive
Company

4. Fundamentals
Aeronautical Industry Fundamentals
High Technology
Qualified People
Global Presence
CUSTOMER
SATISFACTION
Cash Intensiveness
Backbone of our
entrepreneurial action
Flexibility
4

5. Towards Growth
& Diversification

6. Business Diversification
Expected Sales Breakdown
In five years
Commercial
70% Corporate
Jets
30% Customer
Service
Defense
Current Sales Breakdown
3Q03
Defense
13%
Corporate
12%
Customer Comercial
Serviçes 65%
10%
6

7. Product Diversification
70’s 80’s 90’s 00’s
BRASÍLIA LEGACY
BRASÍLIA (EMB 120)
ERJ 145
BANDEIRANTE (EMB 120)
ERJ 145 XR
(EMB 110/111) ERJ 145
ERJ 140 ERJ 135
ERJ 135
EMB 321 EMBRAER 170
EMBRAER 175
EMB 326 ERJ 140
EMBRAER 190
EMBRAER 195
AMX AMX
EMB 121 AEW&C/ RS/ MP
AEW&C/ RS/ MP
AMX-T
TUCANO AL X Mirage 2000 BR ?
AL X
(EMB 312) (EMB 314)
(EMB 314)
7

8. Custommer Diversification
Civil & Defense Aircraft flying in 58 countries on 5 continents
8

9. Geographic
Diversification

10. Global Presence
Operations in Brazil, United States, Europe, Asia and Australia
USA
Nashville China
Palm Beach Gardens
Fort Lauderdale
France Beijing
Le Bourget Harbin
Singapore
Brazil Singapore
Gavião Peixoto
Botucatu
Australia
Melbourne
São José dos Campos
10

11. Wall Street IPO
2000 – Launch of ADSs at NYSE
11

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
12

13. Joint Venture China
2002 – Chines Market penetration throught a Joint Venture
13

14. Social
Responsabilities

15. Employees
Number of Employees
12,803
12,227
11,048
10,334
8,302
6,737
6,087 4,494
4,319 3,849
94 95 96 97 98 99 00 01 02 Oct 03
April / 97: minimum of 3,200 people
BRAZIL 11,976* AUSTRALIA 09 CHINA 132
USA 482 EUROPE 194 SINGAPORE 10
15
* ELEB employees included

16. Qualified People
Educational Levels
College
Undergraduates
30%
65% 4% Graduates
High School 1% Masters or PhD
Graduates
25% of the employees are engineers
16 Current as of 2002

17. Foccus on Trainnnig
More than US$ 81.5 million invested in
training and development in the last 4 years
US$ million
21 24.5
18 18
1999 2000 2001 2002
In–house courses:
• 18 - month graduate course in Aeronautical Engineering
• 2 - year MBA course focused on international trade
17

18. Comunity
Social & Comunity foccus on Education
Eng. Juarez Wanderley High
School developed for 600
students
Implementing severalprograms
including the Action Plan
concept in public schools
benefiting more than 34,000
students
18

19. Health & Environment
Environment
ISO 14001 Certificate
(Mar/2002)
Health & Security
Certification OHSAS 18001
(Mar/2002)
19

20. Dow Jones Sustainabilly Index
Nominated for the third consecutive year
For the DOW JONES SUSTAINABILITY WORLD INDEX
Recognignition of its corporate
policy sustainabilly through:
Creation of Shareholder Value -
Medium & Long Term
Social & Environment
responsability
Corporate Governance
20

21. Social Report
Employee Benefits 2001 Employee Benefits 2002
US$ 72.4 Million US$ 62.2 Million
Retirement
Health Pharmacy Health Insurance
Insurance 7%
1% 15%
Pharmacy
12% Life 1%
Insurance
Retirement
1% 9%
Life Insurance
1%
Transportation
Transportation
5%
5%
Meals
9% Meals
9%
Profit Profit Sharing Others
Sharing Others 55% 3%
Dental Assistence
59% 6% 1%
Schoolarship
1%
21

22. Corporate
Governance

23. Corporate Governance
Active Board of Directors & Permanent Fiscal Board :
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.
23

24. Corporate Governance
QImplemented:
Trading policy
Disclosure Policy
Risk management
QTo be Implemented:
Disclosure Comitee
Audit Comitee
Code of Etics
24

25. Investments &
Productivity

26. PP&E and R&D
US$ million
180
158.6
160
PP&E 143.8
140
R&D 127.7 125.8
120 114.2
99.6
100
80 69.6
60.1
60
44.1
40
18.8
20
0
1999 2000 2001 2002 Sep. 03
26

27. Reduced Production Cycle
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
27

28. Flexibility
ERJ DELIVERIES
700th
May 2003
600th
May 2002
500th
Sep 2001
400th
Mar 2001
300th
Aug 2000
200th
Dec 1999
100th
Family ERJ 145 Dec 1998
Deliveries
24 12 8 7 6 8 12
28

29. Revenues per Employee
Brazilian GAAP
(US$ thousand)
350
307
300
247 254
250
242
227
200 185
150
100
91
50
0
1996 1997 1998 1999 2000 2001 2002
29

30. Backlog &
Delivery
Forecast

31. Backlog
In 3Q03 - US$ 27.6billion in total orders,
including US$ 10.4 billion in firm orders
US$ billion
30
27.1 27.6
Options 24.1
25 23.4
Firm Orders 22.2
20 19.2
17.7 16.8 17.2
12.7 12.7
15 13.2
11.3
11.3
10
5 4.1 11.4 10.7 10.3 10.4
3.0 9.0 7.9
1.2 6.4
3.0 4.1
0 1.2
1996 1997 1998 1999 2000 2001 2002 1Q03 2Q03 3Q03
31

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