2008 Financial Overview2008 Financial OverviewLuizLuiz Carlos Carlos AguiarAguiar

EVP Finance & CFOEVP Finance & CFO

Financial ResultsFinancial Results

Jet DeliveriesJet Deliveries

Highest deliveries in a year in the Company’s history, and consistent with delivery guidance.

Highest deliveries in a year in the Company’s history, and consistent with delivery guidance.

130

169

202 + 2

2006 2007 2008

Net Revenue by SegmentNet Revenue by Segment

2007 2008

Executive

Aviation

14%

Aviation

Services

9%

Others

2%

Commercial

Aviation

67%Defense and

Government

8%

Others

3%Aviation

Services

10%

Executive

Aviation

16%

Defense and

Government

7%

Commercial

Aviation

64%

Diversification of revenues reduces the exposure to different business cycles.

Diversification of revenues reduces the exposure to different business cycles.

Net Revenue by MarketNet Revenue by Market

2007 2008

Risk mitigation of geographical exposure. Diversification!Risk mitigation of geographical exposure. Diversification!

Others

8%Asia

Pacific

6%

Europe

24%

Latin

America

12%

Brazil

4%

North

America

46%

Europe

18%

Latin

America

10%

Brazil

4%

North

America

43%

Asia Pacific

18%

Others

7%

Net RevenueNet Revenue

US$ Million

3,760

5,2456,335

21.2%22.0%25.3%

2006 2007 2008

Net Revenues Gross Margin

Stabilization trend on Gross Margin. Stabilization trend on Gross Margin.

407328

608

10.8%8.3%

9.6%

2006 2007 2008

EBITDA EBITDA Margin

EBITDAEBITDA

US$ Million

Recovery process of EBITDA Margin and productivity gains. Recovery process of EBITDA Margin and productivity gains.

6.3%

105

Net IncomeNet Income

US$ Million

Operational hedge losses impact.Operational hedge losses impact.

389

489

390

10.4%6.1%

9.3%

2006 2007 2008

Net Income Net Margin

9

US$ Million

Net CashNet Cash

*Total cash do not include a US$ 500 MM credit facility.*Total cash do not include a US$ 500 MM credit facility.

416

740

376

1,765

2,4932,202

2006 2007 2008

Net Cash (Debt) Total Cash*

US$ Million

DividendsDividends

151

249

127

39.0%

50.8%

32.7%

2006 2007 2008

Dividends Pay-Out Ratio

Aggressive dividends distribution policy compared to industry.Aggressive dividends distribution policy compared to industry.

March 16, 2009

723,665,044 Voting Shares*723,665,044 Voting Shares*

* Does not include16.8 million shares held on treasury.

THORNBURG

INVESTMENT

5.2%

OPPENHEIMER

FUND'S

6.2%

FEDERAL

GOVERNMENT

0.3%

BOVESPA

OTHERS

20.9%

BNDESPAR

5.2%

PREVI

14.2%NYSE OTHERS

28.5%

JANUS CAPITAL

6.4%

BARCLAYS

5.1%

BOZANO GROUP

8.3%

Ownership StructureOwnership Structure

BOVESPA

48.5%

NYSE

51.5%

US$ Billion

Order BacklogOrder Backlog

14.8

18.820.9

2006 2007 2008

Highest level in the Company’s history at year end.Highest level in the Company’s history at year end.

Guidance Guidance

2008 / 20092008 / 2009

2008 Guidance X Effective2008 Guidance X Effective

• Deliveries: 195 to 200 aircraft + 10 Phenom

We delivered: 202 aircraft + 2 Phenom

• Revenue: US$ 6.5 bi.

We delivered: US$ 6.4 bi.

• EBIT Margin: 8% to 9%

We delivered: 8.5%

• Investments: R&D: US$ 230 mi. / PP&E: US$ 270 mi.

We delivered: US$ 197 mi. / US$ 234 mi.

Revenues (US$ billion)Revenues (US$ billion)

2.52.1

3.4 3.8 3.8

5.2

6.45.5

2002 2003 2004 2005 2006 2007 2008 2009

*

* Estimate

Deliveries (# a/c)Deliveries (# a/c)

Previous: 270 aircraft (125 Commercial Jets + 35 Legacy 600 and Lineage 1000 + 110 Phenom)

Revised: 242 aircraft

(115 Commercial Jets + 17 Legacy 600 and Lineage 1000 + 110 Phenom)

19%

12%

16%

14%

9%

7%

10%8.5%

2002 2003 2004 2005 2006 2007 2008 2009

EBIT MarginEBIT Margin

*

5%

*

* Estimate

Investor RelationsInvestor RelationsPhone: +55 12 3927 4404Phone: +55 12 3927 4404

investor.relations@embraer.com.brinvestor.relations@embraer.com.br

www.embraer.comwww.embraer.com