Conference Call and Webcast Conference Call and Webcast

Presentation 3Q03 ResultsPresentation 3Q03 ResultsSpeakers from MarcopoloSpeakers from Marcopolo

Caxias do Sul, October 31, Caxias do Sul, October 31, 20032003

Carlos ZignaniCarlos ZignaniDirector of Investors Relations

João Luiz BorsoiJoão Luiz BorsoiInvestors Relations Manager

José Antônio José Antônio ValiatiValiati

Administrative and Financial Director

José Rubens De La José Rubens De La RosaRosaChief Executive Officer

Positive Aspects:

• Growth in production and net revenues;

• Growth in gross profit and gross margin;

• Growth in EBITDA;

• Growth in net profit;

• Sound financial position;

• Strong reduction in net indertness;

• Strong increase in volume and liquidith of company’s shares.

Performance Highlights 3Q03 2

10,931 3,362 3,614 10,644 3,668

3,846 3,656

0

5.000

10.000

15.000

2002 1Q03 2Q03 3Q03 2003E

(1) E = ESTIMATIVE FOR 2003 (REVISED BUDGET).(1) E = ESTIMATIVE FOR 2003 (REVISED BUDGET).

(1)

3

1.5%1.5%

14,300

Marcopolo’s - Worlwide Production (in UF’s)

7.5%7.5%

14,7774Q02JAN. TO SEPT./02

335.7 911.8 279.6 296.5 1,125.1

356.5

338.2

0,0

500,0

1.000,0

1.500,0

2002 1Q03 2Q03 3Q03 2003E(1)

4

-5.7%-5.7%

1,250.0

Net Revenues (in millions of Reais)

(1) E = ESTIMATIVE FOR 2003 (REVISED BUDGET).(1) E = ESTIMATIVE FOR 2003 (REVISED BUDGET).

20.1%20.1%

4Q02JAN. TO SEPT./02

1,481.6

Consolidated Net Revenue - Consolidated Net Revenue - Adjustments due to exchange variation and chassi Adjustments due to exchange variation and chassi (in millions of Reais)(in millions of Reais)

5

52.048.9

37.1

63.9

53.248.151.1

62.9

36.1

48.0 46.8 51.9

0,0

10,0

20,0

30,0

40,0

50,0

60,0

70,0

2002 1Q03 2Q03 3Q03 Jan. toSept./03

2003E

IM EM

Relation Between Domestic/Abroad Revenues (%)

(1) E = ESTIMATIVE FOR 2003 (REVISED BUDGET).

(1)

IMIM EMEM

6

7Cust of Goods Sold (in millions of Reais)

723.8

264.8 230.7 228.3

1,109.4 77.0%82.5%

78.9% 79.4%

0,0

300,0

600,0

900,0

1.200,0

2002 1Q03 2Q03 3Q03 Jan. toSept./03

0,0%

30,0%

60,0%

90,0%

CGS % CGS/NR

861.6

247.8

76.6%

4Q02JAN. TO SEPT./02

8Gross Profit (in millions of Reais)

372.2

68.2 48.9 70.9

188.0

20.6%21.1%17.5%

23.0%

0,0

100,0

200,0

300,0

400,0

2002 1Q03 2Q03 3Q03 Jan. toSept./03

0,0%

10,0%

20,0%

30,0%

Gross Profit Gross Margin

263.4

4Q02JAN. TO SEPT./02

108.8

23.4%

45.0%45.0%

85.1

29.2 24.231.6

237.7

9.3%8.7%8.7%

10.7%

0,0

60,0

120,0

180,0

240,0

2002 1Q03 2Q03 3Q03 Jan. toSept./03

0,0%

6,0%

12,0%

18,0%

EBITDA EBITDA Margin

9EBITDA (in millions of Reais)

4Q02JAN. TO SEPT./02

154.1

83.6

13.7%

20.7%20.7%

Net Profit (in millions of Reais)

53.8

20.4 17.3 19.0

56.7

6.2%

1.6%

6.9%6.2%

5.7%

0,0

20,0

40,0

60,0

2002 1Q03 2Q03 3Q03 Jan. toSept./03

0,0%

5,0%

10,0%

Net Profit Net Margin

10

4Q02JAN. TO SEPT./0235.3

18.59.8%9.8%

115.8

209.9

278.1

109.7

29.8%

61.6%

131.1%

51.6%

0,0

100,0

200,0

300,0

2000 2001 2002 Jan. toSept./03

0,0%

50,0%

100,0%

150,0%

Indebtedness Indebtedness/Net Worth

Net Indebtedness (in millions of Reais) 11

Performance of Company Shares

Marcopolo vs. Ibovespa

(Base 100 = 30/12/98)

50100150200250300350400450

dez-

98

jun-

99

dez-

99

jun-

00

dez-

00

jun-

01

dez-

01

jun-

02

dez-

02

jun-

03

IBOVESPAPOMO4

268.2%268.2%

136.0%136.0%

sept-

03

POMO4 1998 Sept./03 %

Price of Preferred Shares R$ 1.10 R$ 4.05 268.2%

12

Dividends/Interest over Own CapitalDividends/Interest over Own Capital (in millions of Reais) (in millions of Reais)

18.7

11.7

41.9

56.9

30.1

22.5

3.9

21.1

7.5

20.5 21.4

9.0

70.0%

33.3% 40.0%48.9%

37.6% 40.0%

0,0

10,0

20,0

30,0

40,0

50,0

60,0

1998 1999 2000 2001 2002 1Q03

Net Profit Dividends Pay Out(Parent Co.)

AVERAGE PAYOUT: 45,9%

13

1.1. Production Production (in units)(in units)

4Q034Q03 20032003 Intercity busesIntercity buses 940940 3,0003,000Urban busesUrban buses 1,2091,209 4,8704,870Micro busesMicro buses 479479 2,2502,250

Mini busesMini buses 266266 1,0301,030SUBTOTALSUBTOTAL 2,8942,894 11,15011,150

Volare and VansVolare and Vans 762762 3,1503,150TOTALTOTAL 3,6563,656 14,30014,300

2.2. Net Revenues Net Revenues

4Q034Q03 20032003

R$ millionR$ million 338.2338.2 1,250.01,250.0

4Q03 Forecast 14

Observation:

This presentation contains future information. Such information is not

simply historical facts, but reflects the desires and the expectations

of the Company’s leadership. The words anticipates, desires, hopes,

forecasts, intends, plans, predicts, projects, wishes and similar ones,

intend to identify affirmations that necessarily involve known and

unknown risks. Known risks include uncertainties that are not limited

to the impact of the competitiveness of the prices and services,

market acceptance of services, the Company’s service transitions and

its competitors, the approval of regulations, currency, fluctuation in

the exchange rate, changes in the mix of services offered, and other

risks described in the reports of the Company. This presentantion is

updated until the present date. However, Marcopolo is not obligated

to update it with new information and/or future events.

A N N E X

A1

24.336.4

74.3

103.0 10.9%

9.3%

11.0%

8.1%

0,0

50,0

100,0

150,0

3Q02 3Q03 Jan. toSept./02

Jan. toSept./03

0,0%

3,0%

6,0%

9,0%

12,0%

15,0%

Operating Results Adjusted Operating Margin Adjusted

Operating Results - Adjusted for Exchange Rate Variation (in millions of Reais)

A2Operating Results adjusted for exchange variation (in millions of Reais)

A3 Net Revenues adjusted for exchange variation (in millions of Reais)