May 3rd, 2011 May 3rd, 2011

FIRST QUARTER 2011 RESULTS FIRST QUARTER 2011 RESULTS

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Forward Looking StatementForward 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.

• KLM Cityhopper converts options for five E-Jets.

• Agreement for the delivery of 20 E-Jets to Alitalia .

• Sale of four EMBRAER 190 jets to Trip Linhas Aéreas.

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• CDB Leasing contract for twenty EMBRAER 190 Jets.

• Chinese Hebei Airlines order for ten EMBRAER 190 and

purchase rights for additional five units.

• Arrangement with Dniproavia to deliver ten EMBRAER 190, plus five options.

Recent HighlightsRecent Highlights

• Embraer expands its customer support network in Chi na, Middle East,

India, Africa, Australia and USA (Provo, UT and Win dsor Locks, CT).

• Embraer inaugurates its first U.S. final assembly p lant in Melbourne, FL.

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• Legacy 650 receives FAA certification.

• Phenom 300 wins Flying Magazine Editors’ Choice Awar d.

• Agreement with AVIC for industrial cooperation to a ssembly Legacy 600/650 in China.

Recent HighlightsRecent Highlights

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• Contract with Brazilian Air Force – FAB to overhaul

43 AMX jet fighters.

• Embraer Defense and Security acquires 65% of OrbiSa t’s radar division.

• Agreement with AEL Sistemas focusing the UAV market.

• Acquisition of 50% of Atech.

• Contract to modernize 11 additional F-5 jet fighter s for FAB.

Recent HighlightsRecent Highlights

55% 62% 60%48%

61%

12%14% 19%

32% 10%

19%13% 7% 12%

12%

14% 11% 14% 8%17%

1Q10 2Q10 3Q10 4Q10 1Q11

Defense and security

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Revenue by SegmentRevenue by Segment

Commercial aviation Executive aviation Aviation services and others

1.04Revenue US$ Billion1.00 1.35 1.051.97

58%

10%

22%

10%

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Executive Large Jets*

Aircraft DeliveriesAircraft Deliveries

Executive Light Jets**Commercial Jets

2011 deliveries estimates • 102 commercial jets• 18 executive large jets*• 100 executive light jets**

Legacy e LineagePhenom

***

2129

2030

3 1 213

217

39

22

48

6

20

1Q10 2Q10 3Q10 4Q10 1Q11

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Firm Order BacklogFirm Order Backlog

Firm Order Backlog Backlog/Revenue (Years)

US$ Billion

14.818.8 20.9

16.6 15.6 16.0

2.8 3.03.8

3.2 3.0 2.9

2006 2007 2008 2009 2010 1Q2011

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Revenues and Gross MarginRevenues and Gross Margin

IFRS - US$ Million IFRS - R$ Million

Revenues Gross Margin

2011 Outlook: Revenue - US$ 5.60 billion

9921,358

1,044

1,970

1,056

24.3%

16.8%

20.5%20.2%20.8%

1Q10 2Q10 3Q10 4Q10 1Q11

1,757

3,342

1,8202,435

1,783

24.3%

16.8%20.6%20.2%20.8%

1Q10 2Q10 3Q10 4Q10 1Q11

155 168 155179

6388

92

103

95

157

1Q10 2Q10 3Q10 4Q10 1Q11

86 94 89106

3549 53

6157

94

1Q10 2Q10 3Q10 4Q10 1Q11

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SG&A ExpensesSG&A Expenses

Selling Expenses

247

282

142

167

121

143218

256

IFRS - US$ Million

G&A Expenses

151 252

IFRS - R$ Million

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Income from OperationsIncome from Operations

EBIT

IFRS - US$ Million

EBIT Margin

IFRS - R$ Million

2011 Outlook: EBIT - US$ 420 million / EBIT Margin - 7.5%

122

66

132

7194

7.2%

9.0%

6.4%

6.7% 8.9%

1Q10 2Q10 3Q10 4Q10 1Q11

219

116

225

157127

8.9%6.7%

6.4%

9.0%

7.1%

1Q10 2Q10 3Q10 4Q10 1Q11

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EBITDAEBITDA

EBITDA

IFRS - US$ Million

EBITDA Margin

IFRS - R$ Million

2011 Outlook: EBITDA - US$ 610 million / EBITDA Marg in - 11%

117

166131

197156

11.8% 12.2% 12.5%

10.0%

14.8%

1Q10 2Q10 3Q10 4Q10 1Q11

260335

227298

210

14.8%

10.0%

12.5%12.2%11.8%

1Q10 2Q10 3Q10 4Q10 1Q11

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Net IncomeNet Income

Net Income

IFRS - US$ Million

Net Margin

IFRS - R$ Million

2457

126 123105

2.4%4.2%

12.1%

6.2%9.9%

1Q10 2Q10 3Q10 4Q10 1Q11

174208220

102

44

9.9%

6.2%

12.1%

4.2%

2.5%

1Q10 2Q10 3Q10 4Q10 1Q11

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Inventories / Free Cash FlowInventories / Free Cash Flow

Free Cash FlowInventories

(126)

193

(66)

220

(60)

1Q10 2Q10 3Q10 4Q10 1Q11

2,482 2,3712,708

2,198

2,561

1Q10 2Q10 3Q10 4Q10 1Q11

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Indebtedness Profile / Net CashIndebtedness Profile / Net Cash

Long-term Short-termLoans Average Maturity (Years)

Indebtedness Maturity Net Cash

94% 95%

26% 22%

74%78%

90%

6% 5% 10%

5.0

5.86.1 6.3

5.7

1Q10 2Q10 3Q10 4Q10 1Q11

Total Debt 1Q11: US$ 1.51 Billion

444

652 618692

505

1Q10 2Q10 3Q10 4Q10 1Q11

Total Cash 1Q11: US$ 2.02 Billion

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