March 25th, 2010

FY2010 Earnings Results and

2011 Outlook

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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.

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2010 Highlights

• Strong extension in executive jet market, reaching 19% market share.

• 145 jets delivered (19 large jets and 126 light jets).

• Landmark order from NetJets.

• Legacy 650 certified on time.

• Sustainable grow in defense and security.

• New dedicated corporate unit.

• LOIs for up to 60 KC-390 from Brazil, Chile, Colombia,

Portugal, Czech Republic and Argentina.

• Sale of 8 Super Tucano to Indonesia. First in Asia Pacific.

All 2010 guidance and projections achieved or surpassed.

EPS of R$ 0.7926 and EPADS of US$ 1.8252.

• Commercial aviation: Book to bill close to one.

97 orders and 101 deliveries.

• Continuous expansion of customers base: 58 in 39 countries.

• 700º E-Jet delivered (British Airways).

Guid

ance

Achie

ved

Guid

ance

Achie

ved

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10th anniversaries: NYSE Euronext listing.

Presence in China, Singapore and GPX.

Embraer elected for the 2nd consecutive year, one of

the best companies to work for in Brazil.

2010 Highlights

Embraer selected as Gold Class on the DJSI and also on the ISE.

Company’s name changed to EMBRAER S.A. and business scope expanded.

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Net Revenue

US$ Million

Guidance 2010: Net Revenue - US$ 5.25 billion

3,760

5,245

6,3355,498 5,364

2006 2007 2008 2009 2010* *

2008: US GAAP

2009-2010: IFRS*

103

133

165

125

27 36 3721 19

98

126101

2

2006 2007 2008 2009 2010

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Executive Large Jets*

Aircraft Deliveries

Executive Light Jets**Commercial Jets

2010 deliveries estimates • 90 commercial jets

• 17 executive large jets*

• 120 executive light jets**

Legacy e Lineage

Phenom*

**

21%

30%

49%

8

Firm Order Backlog

Firm Order Backlog Backlog/Revenue (Years)

US$ Billion

14.818.8

20.916.6 15.6

2.8 3.03.8

3.2 3.0

2006 2007 2008 2009 2010Commercial aviation

Executive aviation

Defense and security

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Revenue Breakdown

Revenue by Segment Revenue by Region

Commercial aviation

Executive aviation

Others

Aviation services

Defense and security North America

Brazil

Europe

Asia Pacific

Latin AmericaOthers

67% 62%53%

14%16%

21%

8% 9% 13%

9% 11% 11%2% 2%2%

2008 2009 2010

6.33 5.49 5.36

Net Revenue

US$ Billion*6.33 5.49 5.36

2008: US GAAP

2009-2010: IFRS*

43%

22%13%

18%

33%

33%

10%7%

15%

4%11% 13%

18% 21% 22%

7% 6% 4%

2008 2009 2010

Financial Results

1,967

1,0431,354

990

1,610

4Q09 1Q10 2Q10 3Q10 4Q10

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Net Revenues and Gross Margin

IFRS - US$ Million US GAAP - US$ Million

Net Revenues Gross Margin

2009

2010

5,466

5,355

20.4%

20.4%

Guidance

Achieved

Guidance

Achieved

Net Revenues Gross Margin

2009

2010

5,498

5,364

19.5%

19.1%

1,0441,358

1,630

992

1,970

4Q09 1Q10 2Q10 3Q10 4Q10

93 86 94 89

55

35

49 53

61

106

4Q09 1Q10 2Q10 3Q10 4Q10

92 86 94 91

55

35

49 53

61

103

4Q09 1Q10 2Q10 3Q10 4Q10

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SG&A Expenses

Selling ExpensesG&A Expenses

144

164

142

167

121

143

121

143

IFRS - US$ Million US GAAP - US$ Million

2009

2010

2009

2010

Selling ExpensesG&A Expenses

191

198

305

374

192

198

305

375

148 147

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Income from Operations

EBIT EBIT Margin

IFRS - US$ Million US GAAP - US$ Million

2009

2010

2009

2010

379

392

6.9%

7.3%

336

393

6.1%

7.3%

EBIT EBIT Margin

Guidance

Achieved

Guidance

Achieved

71

122

66

39

132

6.4% 6.7%9.0%7.2%

2.4%

4Q09 1Q10 2Q10 3Q10 4Q10

66 57

126

63

147

7.5%

6.0%9.3%

5.8%4.1%

4Q09 1Q10 2Q10 3Q10 4Q10

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EBITDA

EBITDA EBITDA Margin

IFRS - US$ Million US GAAP - US$ Million

2009

2010

2009

2010

609

611

10.0%

11.4%

422

458

7.7%

8.6%

EBITDA EBITDA Margin

Achieved

Achieved

89 80

139

80

159

8.1%

10.2%7.7%

8.1%

5.6%

4Q09 1Q10 2Q10 3Q10 4Q10

105 117

166

131

197

6.4%

12.2%11.8%

12.5% 10.0%

4Q09 1Q10 2Q10 3Q10 4Q10

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Net Margin

Net Income

Net Income

IFRS - US$ Million US GAAP - US$ Million

2009

2010

2009

2010

465

330

8.5%

6.2%

249

347

4.5%

6.5%

Net MarginNet Income

143

99

70

35

146

7.3%

9.4%

5.2%

3.6%

9.1%

4Q09 1Q10 2Q10 3Q10 4Q10

95

24

57

126 123

4.2% 6.2%5.8%

12.1%

2.4%

4Q09 1Q10 2Q10 3Q10 4Q10

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EPADS and Dividend Yield

Dividend YieldEPADS

2006-2008: US GAAP

2009-2010: IFRS*

2.11

2.64

1.83

2.572.14

2.23%1.97%

2.91%4.34%

3.28%

2006 2007 2008 2009* 2010*

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Free Cash Flow

IFRS and US GAAP - US$ Million

2009

2010

31

287

383

(60)

193

(66)

220

4Q09 1Q10 2Q10 3Q10 4Q10

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Indebtedness Profile Net Cash

Total Debt 4Q10: US$ 1.43 Billion

Long-term Short-term

Loans Average Maturity (Years)

Indebtedness Maturity

Total Cash 4Q10: US$ 2.13 Billion

Net Cash

488 444

652 618692

4Q09 1Q10 2Q10 3Q10 4Q10

78%

94%

29% 26%

95%

71%74%

5%6%

22%

6.36.15.8

4.9 5.0

4Q09 1Q10 2Q10 3Q10 4Q10

2011 Outlook

0.05 0.15

0.10

0.40

0.7 14%

0.6 11%

1.2 20%

3.1 55%

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Net Revenues US$ 5.36 billion US$ 5.60 billion~5%

Commercial aviation

Executive aviation Aviation services and others

Defense and security

US$ Billion

2011 Outlook - IFRS

2011 Outlook2010 Results

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US$ 611 millionEBITDA

EBITDA Margin 11% 11%

US$ 610 million

7.5%

US$ 420 million~7%US$ 392 millionEBIT

EBIT Margin 7.3% ~3%

2011 Outlook - IFRS

2011 Outlook2010 Results

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* Product development costs are differed and amortized upon aircraft delivery.

** 2010 result and 2011 estimate in IFRS.

2011 Outlook - IFRS

2011 Outlook2010 Results

US$ Million

CAPEX

R&D

Investment / Revenue197

144 151

30091

235

104 74

200

113

260

209

5%

7%

9%9%

4%5%

2006 2007 2008 2009 2010** 2011E**

Research

Development *

US$ 72 million

US$ 79 million US$ 210 million

US$ 90 million

CAPEX US$ 74 million US$ 200 million

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