Embraer november 2010 redburn

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<ul><li><p>11</p></li><li><p>22</p><p>Company Highlights</p></li><li><p>3HighlightsHighlights</p><p>Investment Grade rating by Moodys and S&amp;P.</p><p>Strong Balance sheet with solid Net cash position.</p><p>Company established in 1969, with business in four segments.</p><p>Privatized in 1994 and listed in USA in 2000.</p><p>Broad customer base in commercial, executive and defense aviation segments.</p><p>Global footprint. </p><p>Highly experienced management team.</p></li><li><p>4Global BusinessGlobal Business</p><p> Operations in Brazil, USA, Europe and Asia Dual listed in Brazils Bovespa (1989) and NYSE (2000)</p><p>Melbourne*</p><p>Fort LauderdaleNashville</p><p>USA</p><p>TaubatBotucatuGavio PeixotoSo Jos dos CamposBrazil</p><p>vora*AlvercaPortugal</p><p>Le BourgetVillepinteFrance</p><p>HarbinBeijingChina</p><p>SingaporeSingapore</p><p>Countries of Operation Factories Offices Service Centers Contracted/ Planned Authorized Network* Under construction</p><p> One of Brazils largest exporters of manufactured goods Diversified customer-base across five continents</p><p>MesaWidson Locks</p><p>So Paulo</p><p>Spare Parts Distribution Centers</p><p>LouisvilleMinneapolis</p></li><li><p>560</p><p>160 161131</p><p>101148 141 130</p><p>169204</p><p>244</p><p>96</p><p>32</p><p>1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009</p><p>5</p><p>Aircraft DeliveriesAircraft Deliveries</p><p>* Phenom Jets</p><p>*2*98</p><p>Through 3Q10 YTD: 154 aircraft delivered</p></li><li><p>65,250</p><p>7641,354</p><p>1,8372,762 2,927 2,526 2,144</p><p>3,441 3,830 3,760</p><p>5,2456,335</p><p>5,466</p><p>1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010*</p><p>6</p><p>Net Revenue Net Revenue (US GAAP)(US GAAP)</p><p>US$ Million</p><p>* EstimatedGuidance 2010: Net Revenue - US$ 5.25 billion</p></li><li><p>77</p><p>Firm Order BacklogFirm Order Backlog</p><p>2010</p><p>4.16.4</p><p>11.4 10.79.0 10.6 10.1 10.4</p><p>14.8</p><p>18.816.6 15.3</p><p>20.9</p><p>15.2</p><p>2.2 2.3</p><p>3.94.2 4.2</p><p>3.12.6 2.8 2.8</p><p>3.0</p><p>3.83.3</p><p>3.0 3.0</p><p>1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2Q10 3Q10</p><p>US$ Billion</p><p>Firm Order Backlog Backlog/Revenue (Years)</p></li><li><p>8RevenueRevenue</p><p>Net Revenue US$ Billion 2.76 3.83 5.47 3.39</p><p>Commercial aviation Executive aviation Aviation services and othersDefense</p><p>88%71% 62% 58%</p><p>1%</p><p>7% 16% 15%</p><p>11% 9% 13%</p><p>7% 11% 13% 14%4%</p><p>2000 2005 2009 YTD10</p></li><li><p>99</p></li><li><p>10</p><p>Product PortfolioProduct Portfolio</p><p>capacity: 70 to 80 seatsrange: 2,100 nm (3,900 Km)</p><p>capacity: 78 to 88 seatsrange: 2,000 nm (3,700 Km)</p><p>capacity: 98 to 114 seatsrange: 2,400 nm (4,500 Km)</p><p>capacity: 108 to 122 seatsrange: 2,200 nm (4,100 Km)</p><p>capacity: 37 seatsrange: 1,750 nm (3,250 Km)</p><p>capacity: 50 seatsrange: 1,550 nm (2,900 Km)</p><p>capacity: 50 seatsrange: 2,000 nm (3,700 Km)</p><p>capacity: 44 seatsrange: 1,650 nm (3,050 Km)</p></li><li><p>11</p><p>Commercial Aviation Commercial Aviation Order Book 3Q10Order Book 3Q10</p><p>Firm OrdersFirm Orders OptionsOptions TotalTotal DeliveriesDeliveriesFirm Firm </p><p>BacklogBacklog</p><p>ERJ 145 Family 890 - 890 886 4</p><p>EMBRAER 170 191 47 238 180 11</p><p>EMBRAER 175 173 278 451 130 43</p><p>EMBRAER 190 457 356 813 301 156</p><p>EMBRAER 195 95 66 161 60 35</p><p>TOTAL ETOTAL E--JETSJETS 916916 747747 1.6631.663 671671 245245</p><p>TOTALTOTAL 1.8061.806 747747 2.5532.553 1.5571.557 249249</p></li><li><p>12</p><p>Worldwide DistributionWorldwide Distribution</p><p>Diversified Customers Across 5 Continents</p><p>Asia Pacific /China14%</p><p>Middle East /Africa21%</p><p>Europe / CIS33%</p><p>LatinAmerica</p><p>17%</p><p>NorthAmerica</p><p>15%</p><p>Firm Orders</p><p>Asia Pacific / China14%</p><p>Middle East / Africa</p><p>9%</p><p>Europe / CIS21%</p><p>NorthAmerica</p><p>44%</p><p>Latin America12%</p><p>Embraer Bombardier</p><p>Sukhoi Boeing Airbus</p><p>Antonov</p><p>Comac</p><p>Mitsubishi</p><p>Commercial Jets Market Share Evolution Worldwide</p><p>0%</p><p>15%</p><p>30%</p><p>45%</p><p>60%</p><p>75%</p><p>1995 1998 2001 2004 2007 2010</p><p>Considering Accumulated Firm Orders:</p><p>30-120 Seats Jets</p><p>44%43%</p><p>4%</p><p>2%3%3%</p><p>1%0%</p></li><li><p>13</p><p>EE--Jets DeploymentJets Deployment</p><p>World</p><p>8%</p><p>21%</p><p>8%</p><p>21%</p><p>21%</p><p>Natural Growth</p><p>29%</p><p>6%</p><p>29%</p><p>6%</p><p>20%20% 7%8%7%8%</p><p>5%5%</p><p>7%</p><p>32%</p><p>7%</p><p>32%</p><p>11%11%</p><p>50%</p><p>Right-sizing</p><p>NorthAmerica</p><p>57%</p><p>8%</p><p>NorthAmerica</p><p>57%</p><p>8%</p><p>Europe</p><p>40%</p><p>Europe</p><p>40%</p><p>LatinAmerica</p><p>49%</p><p>LatinAmerica</p><p>49%</p><p>Africa</p><p>52%</p><p>Africa</p><p>52%</p><p>Middle East</p><p>62%</p><p>5%</p><p>Middle East</p><p>62%</p><p>5%</p><p>C hina</p><p>12%</p><p>C hina</p><p>12%</p><p>Asia Pacific</p><p>50%</p><p>11%</p><p>Asia Pacific</p><p>50%</p><p>11%8%8%</p><p>14%14%</p><p>New Markets</p><p>6%6%</p><p>20%31%20%31%</p><p>5%</p><p>33%</p><p>5%</p><p>33%</p><p>49%49%</p><p>39%39%</p><p>20%</p><p>8%8%</p><p>Replacementof old Jets</p><p>25%25%</p><p>33%</p><p>7%</p><p>33%</p><p>7%</p><p>7%7%</p><p>9%</p></li><li><p>14</p><p>Around 6,875 jet deliveries (30-120 seats) in the next 20 years (US$ 200 bi)</p><p>Embraer Market Embraer Market Forecast (2010Forecast (2010--2029)2029)</p><p>North</p><p>America</p><p>84032%</p><p>North</p><p>America</p><p>2,40035%</p><p>Latin</p><p>America</p><p>31512%</p><p>Latin</p><p>America</p><p>5758%</p><p>Europe</p><p>58022%</p><p>Europe</p><p>1,51022%</p><p>Russia / CIS</p><p>1556%</p><p>Russia / CIS</p><p>4056%</p><p>Africa</p><p>803%</p><p>Africa</p><p>2203%</p><p>Middle East</p><p>1054%</p><p>Middle East</p><p>2404%</p><p>Asia Pacific</p><p>2108%</p><p>Asia Pacific</p><p>5758%</p><p>China</p><p>34013%</p><p>China</p><p>95014%Projected Deliveries - Jets</p><p>Market Segment(Seats)</p><p>2010 2019Deliveries</p><p>30-60 60</p><p>61-90 1,015</p><p>91-120 1,550</p><p>30-120 2,625</p><p>Market Segment(Seats)</p><p>2010 2029Deliveries</p><p>30-60 475</p><p>61-90 2,515</p><p>91-120 3,885</p><p>30-120 6,875</p></li><li><p>15</p><p>B717-200</p><p>B737-200</p><p>B737-500</p><p>F70 F28</p><p>F100DC-9</p><p>Bae 146</p><p>TU-134YAK-42</p><p>0</p><p>50</p><p>100</p><p>150</p><p>200</p><p>250</p><p>300</p><p>350</p><p>5 15 25 35</p><p>N</p><p>u</p><p>m</p><p>b</p><p>e</p><p>r</p><p> o</p><p>f</p><p> A</p><p>i</p><p>r</p><p>c</p><p>r</p><p>a</p><p>f</p><p>t</p><p>Average Age (years)</p><p>Nearly 1,000 aircraft with more than 15 years old</p><p>(Jets 61-120 seats)</p><p>World Replacement World Replacement OpportunitiesOpportunities</p></li><li><p>16</p></li><li><p>17</p><p>Product PortfolioProduct Portfolio</p><p>Large</p><p>Aircraft Model</p><p>Phenom 100</p><p>Phenom 300</p><p>Legacy 450</p><p>Legacy 500</p><p>Legacy 600</p><p>Lineage 1000</p><p>Seats / Range</p><p>4 / 1,160 nm</p><p>6 / 1,800 nm</p><p>4 to 8 / 2,200 to 2,300 nm</p><p>4 to 8 / 2,800 to 3,200 nm</p><p>10 to 14 / 3,250 nm</p><p>13 to 19 / 4,400 to 4,500 nm</p><p>Entry</p><p>Light</p><p>Mid-light</p><p>Mid-size</p><p>Ultra-large</p><p>Super Mid-Size</p><p>Certified: 2008</p><p>Certified: 2009</p><p>Expected Certification: 2013</p><p>Certified: 2001</p><p>Certified: 2008</p><p>Expected Certification: 2012</p><p>Ultra-Long Range</p><p>Competitors</p><p> Cessna - Mustang CJ1+</p><p> Cessna - CJ3 Hawker - H400XP</p><p> Bombardier -Lear 60XR</p><p> Cessna - XLS+</p><p> Cessna - Sovereign Hawker - H900XP</p><p> Bombardier -Challenger 300/605</p><p> Dassault Falcon 2000EX/LX</p><p> Airbus - A318 Elite</p><p>Legacy 650 10 to 14 / 3,900 nmCertified: 2010</p><p> Bombardier Global XRS</p><p> Gulfstream G550</p></li><li><p>18</p><p>Product PortfolioProduct Portfolio</p></li><li><p>19</p><p>25% 24% 22% 21% 20%</p><p>33% 35% 37% 40%33%</p><p>7% 7% 7%6%</p><p>9%</p><p>12% 13% 13%14%</p><p>11%</p><p>2.7% 3.1% 3.5%3.3%</p><p>14.0%</p><p>19% 16% 16%14% 11%</p><p>2% 3% 2% 1% 2%</p><p>2005 2006 2007 2008 2009</p><p>%</p><p>O</p><p>E</p><p>M</p><p>S</p><p>h</p><p>a</p><p>r</p><p>e</p><p>T</p><p>o</p><p>t</p><p>a</p><p>l</p><p>u</p><p>n</p><p>i</p><p>t</p><p>s</p><p>Total 749 885 1,040 1,154 870 </p><p>Market ShareMarket Share</p><p>OthersHawker-BeechEmbraer Gulfstream</p><p>Dassault</p><p>Cessna</p><p>Bombardier</p><p>Deliveries share (units)Revenue share (US$ - based on B&amp;CA list prices) </p><p>Market Forecast 2010: 750 units.Embraer Forecast: 137 units.</p><p>Market Forecast 2010: $16.2 Bi.Embraer Guidance: $1.1 Bi.</p><p>30% 29% 28% 29% 28%</p><p>16% 16% 17% 18%12%</p><p>11% 11% 12% 12% 18%</p><p>23% 23% 23% 24% 21%</p><p>3.5% 3.9% 4.7%4.2% 6.5%</p><p>10% 9% 8%8% 8%</p><p>5% 8% 6% 5% 6%</p><p>2005 2006 2007 2008 2009</p><p>%</p><p>O</p><p>E</p><p>M</p><p>S</p><p>h</p><p>a</p><p>r</p><p>e</p><p>T</p><p>o</p><p>t</p><p>a</p><p>l</p><p>R</p><p>e</p><p>v</p><p>e</p><p>n</p><p>u</p><p>e</p><p>s</p><p>U</p><p>S</p><p>$</p><p>$12.9Bi $16.4Bi $19.0Bi $21.9Bi $17.0Bi</p></li><li><p>Industry Deliveries (units)</p><p>20112011--20 Market Forecast 20 Market Forecast World DeliveriesWorld Deliveries</p><p>0 </p><p>40 </p><p>80 </p><p>120 </p><p>160 </p><p>200 </p><p>240 </p><p>2000-10 2011-20</p><p>US$ 169.6 Bi(9,029 jets)</p><p>US$ 210 Bi(10,000 jets)</p><p>Historic Forecast</p><p>Industry Revenues</p><p>More than 10,000 jets: US$ 210 billion over the next 10 years</p></li><li><p>21</p><p>Business Jets TrafficBusiness Jets Traffic</p><p>2005</p><p>2006</p><p>2007</p><p>2008</p><p>2009</p><p>2010</p><p>20,000</p><p>30,000</p><p>40,000</p><p>50,000</p><p>60,000</p><p>Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec</p><p>European Bizjet Flight Activity</p><p>2005</p><p>2006</p><p>20072008</p><p>2009</p><p>2010</p><p>100,000</p><p>130,000</p><p>160,000</p><p>190,000</p><p>220,000</p><p>Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec</p><p>US/FAA Bizjet Flight Activity</p></li><li><p>22</p><p>Pre Owned MarketPre Owned MarketFleet for SaleFleet for Sale</p><p>0</p><p>500</p><p>1000</p><p>1500</p><p>2000</p><p>2500</p><p>3000</p><p>3500</p><p>Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4</p><p>9 9 0 0 0 1 0 2 0 3 0 4 0 5 0 6 0 7 0 8 0 9 10</p><p>U</p><p>n</p><p>i</p><p>t</p><p>s</p><p>0%</p><p>2%</p><p>4%</p><p>6%</p><p>8%</p><p>10%</p><p>12%</p><p>14%</p><p>16%</p><p>18%</p><p>20%</p><p>22%</p><p>24%</p><p>26%</p><p>28%</p><p>%</p><p>o</p><p>f</p><p>a</p><p>c</p><p>t</p><p>i</p><p>v</p><p>e</p><p>f</p><p>l</p><p>e</p><p>e</p><p>t</p><p>% for sale (per total fleet </p><p>in operation)</p><p>Business Jets For Sale</p><p>Source: Embraer analysis October 2010</p><p>fleet older than 10 yrs</p><p>fleet from 6 to 10 yrs</p><p>fleet up to 5 yrs and positions</p><p>% for sale (per total fleet in operation)</p><p>up to 10 yrs % for sale</p><p>fleet up to 5 yrs</p><p>positions 15.0% / 10.5%2647 jets / 896 jets</p><p>2008: Net increase of 1,100 a/c</p><p>2009: Net increase of 33 a/c</p><p>2010TD: Net decrease of 157 a/c </p></li><li><p>23</p></li><li><p>24</p><p>Defense Products Defense Products and Servicesand Services</p><p>Advanced Training and </p><p>Light AttackTransport of AuthoritiesISR (Intelligence, Surveillance </p><p>and Reconnaissance)</p><p>Modernization Programs Command and Control Systems</p><p>Military Tactical Transport</p><p>Services</p></li><li><p> Firm orders: 172 aircraft</p><p> Brazil: 99 </p><p> Colombia: 25</p><p> Dominican Republic: 8</p><p> Chile: 12</p><p> Ecuador: 18</p><p> Undisclosed: 10</p><p>Deliveries: 146 aircraft</p><p> To be delivered: 26 aircraft</p><p> Prospects:</p><p> South East Asia</p><p> Africa</p><p> Americas</p><p>Ref.: September 2010</p><p> Training and COIN aircraft Market Forecast 2020</p><p> 700 aircraft / US$ 8 bi</p><p>Super TucanoSuper Tucano</p></li><li><p>26</p><p> Currently in the Initial Definition Phase</p><p> Market Forecast 2025: 700 aircraft / US$ 50+ bi</p><p> New tactical military transport aircraft</p><p> Payload: 23 ton / Range: 1400 nm</p><p> Contract signed with Brazilian Air Force in April 2009</p><p>Length: 33.81 m (110.9 ft)Wingspan: 35.06 m (115.0 ft)Height: 10.26 m (33.7 ft)</p><p>EMBRAER KCEMBRAER KC--390390</p></li><li><p>27</p><p>Financial Results</p></li><li><p>2828</p><p>Business HighlightsBusiness Highlights</p><p>Legacy 650 certified by ANAC and EASA. Deliveries in 4Q10.</p><p>Argentinas Austral received its first EMBRAER 190.</p><p>Sale of 37 E-Jets at Farnbourogh.</p><p>Sale of 10 + 5 EMBRAER 190 jets to Air Lease Corp.</p><p>NetJets buys 50 Phenom 300, plus 75 options at NBAA.</p><p>Brazil, Chile, Colombia, Portugal, Czech Republic and Argentina signed LOI for up to 60 KC-390 aircraft.</p><p>Embraer expands its Customer Support in China. </p></li><li><p>2929</p><p>Financial HighlightsFinancial Highlights</p><p>Stable net cash position of US$ 623.8 million.</p><p>EBIT of US$ 63 million and EBIT margin of 6.0%. YTD EBIT margin of 7.3%.</p><p>Net income totaled US$ 98.5 million. Earnings per ADS of US$ 0.5443. </p><p>Net revenues of US$ 1.04 billion and gross margin of 22.1%.</p><p>Firm order backlog remained stable at US$ 15.3 billion. </p></li><li><p>30</p><p>DeliveriesDeliveries</p><p>30</p><p>30 2821</p><p>2922</p><p>55</p><p>17</p><p>39</p><p>22</p><p>5 8 3 1 220</p><p>3Q09 4Q09 1Q10 2Q10 3Q10</p><p>2010 projected deliveries 90 commercial jets 17 Legacy / Lineage 120 Phenom</p><p>PhenomCommercial Jets Legacy and Lineage</p><p>9770</p><p>43</p><p>78</p><p>13 6</p><p>9M09 9M10</p></li><li><p>3131</p><p>RevenueRevenue</p><p>66%44%</p><p>53% 61% 58%</p><p>16%</p><p>26% 12%14% 19%</p><p>6%16% 19%</p><p>13% 7%</p><p>12% 14% 16% 12% 16%</p><p>3Q09 4Q09 1Q10 2Q10 3Q10</p><p>Commercial aviation Executive aviation Aviation services and othersDefense</p><p>1.04Net Revenue US$ Billion 1.25 1.61 1.00 1.35</p></li><li><p>3232</p><p>Net Revenues and Net Revenues and Gross MarginGross Margin</p><p>US Gaap - US$ Million</p><p>Net Revenues Gross Margin</p><p>IFRS - US$ Million</p><p>1,2461,610</p><p>9901,354</p><p>1,043</p><p>18.8%</p><p>20.8% 21.7% 21.4% 22.1%</p><p>3Q09 4Q09 1Q10 2Q10 3Q10</p><p>1,358992</p><p>1,2501,614</p><p>1,044</p><p>20.6%20.8% 20.2%</p><p>17.9%</p><p>19.7%</p><p>3Q09 4Q09 1Q10 2Q10 3Q10</p></li><li><p>3333</p><p>Income from OperationsIncome from Operations</p><p>US Gaap - US$ Million</p><p>Income from Operations Operating Margin</p><p>IFRS - US$ Million</p><p>3971</p><p>12291</p><p>66</p><p>9.0% 6.4%7.2%</p><p>2.4%7.3%</p><p>3Q09 4Q09 1Q10 2Q10 3Q10</p><p>68 66 57</p><p>126</p><p>63</p><p>6,0%9,3%</p><p>5,8%4,1%5,5%</p><p>3Q09 4Q09 1Q10 2Q10 3Q10</p></li><li><p>3434</p><p>EBITDAEBITDA</p><p>US Gaap - US$ Million</p><p>EBITDA EBITDA Margin</p><p>IFRS - US$ Million</p><p>90 89 80</p><p>139</p><p>80</p><p>5.6%</p><p>8.1%</p><p>10.2%</p><p>7.7%7.2%</p><p>3Q09 4Q09 1Q10 2Q10 3Q10</p><p>151</p><p>105 117</p><p>166131</p><p>12.1%11.8%</p><p>6.5%</p><p>12.2% 12.5%</p><p>3Q09 4Q09 1Q10 2Q10 3Q10</p></li><li><p>3535</p><p>Net IncomeNet Income</p><p>Net Income Net Margin</p><p>US Gaap - US$ Million IFRS - US$ Million</p><p>9970</p><p>35</p><p>146</p><p>58</p><p>9.4%5.2%</p><p>3.6%</p><p>9.1%</p><p>4.6%</p><p>3Q09 4Q09 1Q10 2Q10 3Q10</p><p>12295</p><p>2457</p><p>126</p><p>2.4%</p><p>12.1%9.8%</p><p>4.2%5.9%</p><p>3Q09 4Q09 1Q10 2Q10 3Q10</p></li><li><p>3636</p><p>Free Cash FlowFree Cash Flow</p><p>US Gaap - US$ Million IFRS - US$ Million</p><p>6</p><p>383</p><p>(57)</p><p>220</p><p>(60)</p><p>3Q09 4Q09 1Q10 2Q10 3Q10</p><p>23</p><p>364</p><p>(44)</p><p>253</p><p>(42)3Q09 4Q09 1Q10 2Q10 3Q10</p></li><li><p>3737</p><p>Indebtedness Profile Indebtedness Profile Net Cash Net Cash (USGAAP)(USGAAP)</p><p>Total Debt 3Q10: US$ 1.43 Billion</p><p>Long-term Short-termLoans Average Maturity (Years)</p><p>Indebtedness Maturity</p><p>Total Cash 3Q10: US$ 2.05 BillionNet Cash</p><p>(USGAAP)(USGAAP)</p><p>78%</p><p>47%29%</p><p>75%94%</p><p>53%</p><p>71%</p><p>6%22%25%</p><p>6.15.8</p><p>5.0</p><p>2.6</p><p>4.9</p><p>3Q09 4Q09 1Q10 2Q10 3Q10</p><p>71</p><p>503 459</p><p>659 624</p><p>3Q09 4Q09 1Q10 2Q10 3Q10</p></li><li><p>3838</p><p>2010 Guidance </p><p>Revision</p></li><li><p>3939</p><p>2010 Guidance and 2010 Guidance and OutlookOutlook</p><p>7.25%</p><p>Current Guidance Current Guidance -- 2Q102Q10 New GuidanceNew Guidance</p><p>US$ 380 million~12%</p><p>US$ 340 million</p><p>Net Revenues</p><p>EBIT</p><p>EBIT margin</p><p>US$ 5.25 billion</p><p>6.50%</p><p>R&amp;D</p><p>PP&amp;E</p><p>US$ 160 million </p><p>US$ 140 million</p><p>US$ 420 millionEBITDA</p><p>EBITDA margin 8.0%</p><p>US$ 100 million~30%</p><p>8.75%</p><p>US$ 460 million~10%</p><p>Current OutlookCurrent Outlook New OutlookNew Outlook</p></li><li><p>40</p></li><li><p>4141</p><p>Forward Looking StatementForward Looking Statement</p><p>This presentation includes forward-looking statements or statements about events or circumstances </p><p>which have not occurred. We have based these forward-looking statements largely on our current </p><p>expectations and projections about future events and financial trends affecting our business and our </p><p>future financial performance. These forward-looking statements are subject to risks, uncertainties and </p><p>assumptions, including, among other things: general economic, political and business conditions, </p><p>both in Brazil and in our market. The words believes, may, will, estimates, continues,</p><p>anticipates, intends, expects and similar words are intended to identify forward-looking </p><p>statements. We undertake no obligations to update publicly or revise any forward-looking statements </p><p>because of new information, future events or other factors. In light of these risks and uncertainties, </p><p>the forward-looking events and circumstances discussed in this presentation might not occur. Our </p><p>actual results could differ substantially from those anticipated in our forward-looking statements.</p></li></ul>