Marcopolo reported positive results for the third quarter of 2003, with growth in key financial metrics such as production, net revenues, gross profit, EBITDA, and net profit. The company also significantly reduced its net indebtedness and saw a strong increase in the volume and liquidity of its shares. Marcopolo revised its estimates upward for full-year 2003 production to 14,300 units and net revenues to R$1.25 billion. The presentation notes that future projections involve known and unknown risks.

1. Conference Call and Webcast Presentation 3Q03 Results Speakers from Marcopolo Caxias do Sul, October 31, 2003 Carlos Zignani Director of Investors Relations João Luiz Borsoi Investors Relations Manager José Antônio Valiati Administrative and Financial Director José Rubens De La Rosa Chief Executive Officer

2. 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

3. (1) E = ESTIMATIVE FOR 2003 (REVISED BUDGET). (1) 1.5% 14,300 Marcopolo’s - Worlwide Production (in UF’s) 7.5% 14,777 3 4Q02 JAN. TO SEPT./02

4. (1) -5.7% 1,250.0 Net Revenues (in millions of Reais) (1) E = ESTIMATIVE FOR 2003 (REVISED BUDGET). 20.1% 1,481.6 4 4Q02 JAN. TO SEPT./02

5. Consolidated Net Revenue - Adjustments due to exchange variation and chassi (in millions of Reais) 5

6. Relation Between Domestic/Abroad Revenues (%) (1) E = ESTIMATIVE FOR 2003 (REVISED BUDGET). (1) IM EM 6

7. Cust of Goods Sold (in millions of Reais) 7 861.6 247.8 76.6% 4Q02 JAN. TO SEPT./02

8. Gross Profit (in millions of Reais) 263.4 108.8 23.4% 45.0% 8 4Q02 JAN. TO SEPT./02

9. EBITDA (in millions of Reais) 154.1 83.6 13.7% 20.7% 9 4Q02 JAN. TO SEPT./02

10. Net Profit (in millions of Reais) 35.3 18.5 9.8% 10 4Q02 JAN. TO SEPT./02

11. Net Indebtedness (in millions of Reais) 11

12. Performance of Company Shares Marcopolo vs. Ibovespa (Base 100 = 30/12/98) 50 100 150 200 250 300 350 400 450 dez- 98 jun- 99 dez- 99 jun- 00 dez- 00 jun- 01 dez- 01 jun- 02 dez- 02 jun- 03 IBOVESPA POMO4 268.2% 136.0% sept- 03 POMO4 1998 Sept./03 % Price of Preferred Shares R$ 1.10 R$ 4.05 268.2% 12

13. Dividends/Interest over Own Capital (in millions of Reais) AVERAGE PAYOUT: 45,9% 13

14. Production (in units) 4Q03 2003 Intercity buses 940 3,000 Urban buses 1,209 4,870 Micro buses 479 2,250 Mini buses 266 1,030 SUBTOTAL 2,894 11,150 Volare and Vans 762 3,150 TOTAL 3,656 14,300 Net Revenues 4Q03 2003 R$ million 338.2 1,250.0 4Q03 Forecast 14

15. 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.

16. A N N E X

17. Operating Results - Adjusted for Exchange Rate Variation (in millions of Reais) A1

18. Operating Results adjusted for exchange variation (in millions of Reais) A2

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