FY2008 Earnings

ResultsMarch 27th, 2009

Forward Looking Statement

This presentation includes forward-looking statements or statements about events or

circumstances which have not occurred. We have based these forward-looking statements

largely on our current expectations and projections about future events and financial trends

affecting our business and our future financial performance. These forward-looking

statements are subject to risks, uncertainties and assumptions, including, among other

things: general economic, political and business conditions, both in Brazil and in our market.

The words “believes,” “may,” “will,” “estimates,” “continues,” “anticipates,” “intends,”

“expects” and similar words are intended to identify forward-looking statements. We

undertake no obligations to update publicly or revise any forward-looking statements

because of new information, future events or other factors. In light of these risks and

uncertainties, the forward-looking events and circumstances discussed in this presentation

might not occur. Our actual results could differ substantially from those anticipated in our

forward-looking statements.

Firm Order Backlog - US$ 20.9 Billion

Increased 11% in 2008

Historical Year End Record

Firm Order Backlog

20.918.8

14.8

2006 2007 2008

US$ Billion

Aircraft Deliveries

• Delivery of 202 jets + two Phenom 100,

meeting the guidance (195-200 jets +

10 Phenom).

• Growth of 21% compared to 2007.

• Record of yearly aircraft deliveries in

Company’s history.

Deliveries

130

169

202 + 2

2006 2007 2008

Net CashNet Revenues

Net Revenues and Net Cash

US$ Million US$ Million

3,760

5,245

6,335

2006 2007 2008

416

740

376

2006 2007 2008

Net IncomeEBIT Margin

EBIT Margin and Net Income

9.1%

7.1%8.5%

2006 2007 2008

390

489

389

2006 2007 2008

US$ Million

Highlights

• Embraer overcame 500 E-Jets deliveries.

• Ten new customers and nine new operators of E-Jets

• Azul Linhas Aereas Brasileiras became the first Brazilian operator

of E-Jets and Trip Linhas Aéreas signs for five jets

• Phenom 100 and Lineage 1000 certification

• Defense and Government business relevance increases

• Embraer signs for the Global Compact

• Maintenance of Investment Grade given by rating agencies

Moody’s (Baa3) and Standard & Poors (BBB-).

2008 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.

Scenario

Forecast Revisions

up to Oct/08 Nov/08 Feb/09

Deliveries 350 a/c 270 a/c 242 a/c

Revenues 7,1 bi 6,3 bi 5,5 bi

Ebit Margin 10-12% 10% 10%

Investments 442 mi 450 mi 350 mi

Strong Expenses Control

• G&A expenses reduction

• Interest expenses reduction

• Suppliers expenses reduction

• 20% payroll reduction

• Capex investments postponements

Employment – 2000 a 2009

Embraer

-

2.000

4.000

6.000

8.000

10.000

12.000

14.000

16.000

18.000

20.000

22.000

Efetivo

Embraer 10.334 12.745 11.046 12.227 12.789 14.493 15.192 17.503 21.843 21.550 17.058

dez/00 set/01 out/01 dez/02 dez/03 dez/04 dez/05 dez/06 dez/07 dez/08 fev/09

9/11 Events

6.000 Jobs

DEC / 03

Recovery of Sep / 01

employment levels

SEP / 08

Economic Downturn

Qualified People

Educational Level

High School

68%

Phd

2%

Postgraduate

4%

Graduate

26%

Qualified People

US$ 165 million invested on training and qualification in the past five years

2025

30

4545

2004 2005 2006 2007 2008

US$ Million

Employee Benefits

Salaries.................................R$ 1,717 million

Variable Remuneration........R$ 131 million*

Benefits.................................R$ 212 million

Benefits

Meals17%

Health Insurance

45%Transportation

15%

Retirement16%

Others5%

Life Insurance2%

*data base reference 2007

Financial Results & Performance

Jet Deliveries

130

169

202 + 2

2006 2007 2008

Net Revenue by Segment

2007 2008

Others

3%Aviation

Services

10%

Executive

Aviation

16%

Defense and

Government

7%

Commercial

Aviation

64%

Executive

Aviation

14%

Aviation

Services

9%

Others

2%

Commercial

Aviation

67%Defense and

Government

8%

Net Revenue by Market

2007 2008

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 Revenue

6,3355,245

3,760

25.3% 22.0% 21.2%

2006 2007 2008

Net Revenues Gross Margin

US$ Million

Income from Operations

537

374343

7.1%9.1% 8.5%

2006 2007 2008

Income from Operations Margin

US$ Million

Net Income

389

489

390

10.4%6.1%

9.3%

2006 2007 2008

Net Income Net Margin

US$ Million

Accounts Receivable and Clients Financing

300394 444

569 415

519

2006 2007 2008

Accounts Receivable Costumer Commercial Financing

US$ Million

Inventories

US$ Million

2,047

2,4912,837

2006 2007 2008

Net Cash (Debt)

416

740

376

1,765

2,4932,202

2006 2007 2008

Net Cash (Debt) Total Cash*

*Total cash do not include a US$ 500 MM credit facility available for the Company.

US$ Million

Investor RelationsPhone: +55 12 3927 4404

investor.relations@embraer.com.br

www.embraer.com