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2 Disclaimer ”This presentation may contain statements that express management’s expectations about future events or results rather than historical facts. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected in forward- looking statements, and CVRD cannot give assurance that such statements will prove correct. These risks and uncertainties include factors: relating to the Brazilian economy and securities markets, which exhibit volatility and can be adversely affected by developments in other countries; relating to the iron ore business and its dependence on the global steel industry, which is cyclical in nature; and relating to the highly competitive industries in which CVRD operates. For additional information on factors that could cause CVRD’s actual results to differ from expectations reflected in forward-looking statements, please see CVRD’s reports filed with the Brazilian Comissão de Valores Mobiliários and the U.S. Securities and Exchange Commission.”

3 Agenda nPerformance highlights nMacroeconomic and business outlook nPerformance highlights nMacroeconomic and business outlook

4 Performance highlights

5 3Q03 highlights nAcross the board strong sales performance. nQuarterly record top line - US$ billion (+30.4% yoy) nQuarterly record cash generation - adjusted EBITDA equal to US$ 630 million (+21.2% yoy). nBottom line - a solid US$ 468 million - 9M03 US$ billion. n2003 dividend distribution of US$ 675 million - (+12.1%) yoy) - US$ 1.75 per share vs. US$ 1.57 per share (average 1999/2002). nProjects on track.

6 Excellent sales performance 3Q03 vs 3Q million tons 7,371 million NTK 182,000 tons 747,000 tons a b a - without CAEMI = 43.2 million tons b - without CAEMI = 140,000 tons c - running above nominal capacity c A new record

7 Iron ore and pellets - growth still constrained by capacity million tons Caemi

8 Railroad transportation reached a new quarterly record 5,658 6,367 6,647 6,355 5,622 million ntk 6,900 7,371

9 Source: CVRD and Central Bank of Brazil CVRD logistics services performance decoupled from Brazil’s GDP growth

10 Sales revenues and adjusted EBITDA By product By market 3Q03 Adjusted EBITDA US$ 630 million 3Q03 Gross Revenues US$ 1,483 million

11 A strong and stable operational performance Adjusted EBIT margin

12 A good relative performance in the mining and metals industry Market Capitalization as of October 31, 2003 US$ billion Source: Bloomberg LP and companies reports Net Earnings 3Q03 US$ million

13 A consistent strong cash generation LTM adjusted EBITDA US$ million Caemi+FCA 2,000

14 9M03 capex reached US$ 1.5 billion

15 9M03 growth capex - US$ million US$ million

16 Macroeconomic and business outlook

17 Leading indicators are telling us that a synchronous global economic recovery is underway Source: JPMorgan JP Morgan global manufacturing PMI

18 Renewed global economic growth contributes to reduce reliance on Chinese-centric demand growth for minerals and metals Chinese contribution to global consumption growth Source: CVRD and AME Mineral Economics

19 Source: CVRD, Smith Barney and The Economist The metals & mining industry reacted to the Asian crisis by reducing project capex...

20... as well as mineral exploration Mineral exploration capex - non ferrous minerals US$ billion Source: MEG - Corporate Exploration Strategies, 2002.

21 Therefore, the combination of capacity limitations and strong demand growth is producing shortages nIron ore, alumina, copper concentrate and nickel markets have tightened. nShipping industry is quoting highest ever freight rates.

22 We expect Chinese demand for CVRD iron ore to remain very strong nGrowth in steel capacity - according to the Chinese Iron and Steel Association, crude steel capacity will increase by 120 mtpy from the end of 2003 until the end of nNeed for high iron content and low impurities to boost productivity and to improve quality of steel products. nCVRD commercial relationship is now supported by long term contracts, which gives us potential to optimize the steel value chain. nDynamics of supply price elasticity is working to increase effective capesize shipping capacity.

23 Led by Chinese import growth, global seaborne trade is expected to increase by 7.3% in 2003 and 5.8% in 2004 Source: CVRD Statistics CAGR % +25.6% +0.9% Rest of the World China World million tons China´s share E2004E in world seaborne trade23%29%32%

24 CVRD iron ore capacity is also expanding CapacityStart-upCapex per ton Carajás expansion14 mtpy2004 US$ Southern System expansion3 mtpy2004US$ 7.14 Fabrica Nova phase 110 mtpy2005 Fabrica Nova phase 2+5 mtpy2009 Brucutu phase 112 mtpy2006 Brucutu phase 2+6 mtpy2008 Total increase50 mtpy * mine depletion: 10 million tpy until 2007 Depending on demand assessment Carajás capacity can be expanded up to 100 million tpy until CVRD mining projects US$ 5.67 US$ 12.22

25 We believe that the current alumina shortage will last for a few more years High spot prices are feeding into contract pricing, leveraging returns on Alunorte projects. Source: Metal Bulletin, CRU and Macquarie Research

26 Global recovery and USD weakness added better prospects to aluminum prices Source: LME Aluminum LME prices and inventories Albras capacity kty kty kty

27 Despite the restart of mining capacity kept idle, declining metal inventories, USD weakness and accelerating global IP growth help to support copper prices Source: LME Copper LME prices and inventories

28 Source: CRU Therefore, a good copper outlook is welcoming Sossego Tightness in copper concentrate market TC/RC charges

29 Appendix Reconciliation of non-GAAP information and comparable GAAP information 3Q022Q033Q03 Adjusted EBIT (US$ million) 3Q022Q033Q03 Net operating revenues1,0981,1701,432 COGS(554)(670)(812) SG&A expenses(65)(45)(74) Research and development(15)(12)(22) Employee profit sharing plan(14)(9)(2) Others9(46)(21) Operating income (Adjusted EBIT) Ajusted EBIT Margin = Operating Income / Net Operating Revenues Adjusted EBITDA (US$ million) Reconciliation between adjusted ebitda vs. operating cash flow Operating Cash Flow Income tax --(47) Income tax paid6276 Monetary and Foreign Exchange Losses92144 Financial Expenses Net Working Capital (45)(31)140 Others(8)940 Adjusted EBITDA

CVRD - The Best of Brazil