The company delivered record numbers of aircraft and revenue in 2008, but margins declined from operational hedge losses. While diversifying its revenues across business segments and regions helped mitigate risks, the company expects lower deliveries and revenues with an estimated EBIT margin of 10% for 2009. The backlog remained at a historic high and the company maintained an aggressive dividend policy compared to industry averages.

1. 2008 Financial Overview
Luiz Carlos Aguiar
EVP Finance & CFO

2. Financial Results

3. Jet Deliveries
202 + 2
169
130
2006 2007 2008
Highest deliveries in a year in the Company’s history, and consistent
Highest deliveries in a year in the Company’s history, and consistent
with delivery guidance.
with delivery guidance.

4. Net Revenue by Segment
2007 2008
Others
Others
3%
2%
Aviation Aviation
Services Services
10% 9%
Executive
Aviation
Executive
Commercial 14% Commercial
Aviation
16% Aviation Defense and Aviation
64% Government 67%
Defense and 8%
Government
7%
Diversification of revenues reduces the exposure to different
Diversification of revenues reduces the exposure to different
business cycles.
business cycles.

5. Net Revenue by Market
2007 2008
Others Others
Asia
8% 7%
Pacific
Brazil 6%
4% Asia Pacific
18%
North North
Latin
America America
America Brazil
46% 43%
12% 4%
Latin
Europe America
24% 10% Europe
18%
Risk mitigation of geographical exposure. Diversification!
Risk mitigation of geographical exposure. Diversification!

6. Net Revenue
US$ Million
25.3% 22.0% 21.2%
6,335
5,245
3,760
2006 2007 2008
Net Revenues Gross Margin
Stabilization trend on Gross Margin.
Stabilization trend on Gross Margin.

7. EBITDA
US$ Million
10.8% 9.6%
8.3%
6.3%
105
608
407
328
2006 2007 2008
EBITDA EBITDA Margin
Recovery process of EBITDA Margin and productivity gains.
Recovery process of EBITDA Margin and productivity gains.

8. Net Income
US$ Million
10.4% 9.3%
6.1%
489
390 389
2006 2007 2008
Net Income Net Margin
Operational hedge losses impact.
Operational hedge losses impact.

9. Net Cash
US$ Million
2,493
2,202
1,765
740
416 376
2006 2007 2008
Net Cash (Debt) Total Cash*
*Total cash do not include a US$ 500 MM credit facility.
*Total cash do not include a US$ 500 MM credit facility.
9

10. Dividends
US$ Million
50.8%
32.7%
39.0%
249
151
127
2006 2007 2008
Dividends Pay-Out Ratio
Aggressive dividends distribution policy compared to industry.
Aggressive dividends distribution policy compared to industry.

11. Ownership Structure
723,665,044 Voting Shares*
March 16, 2009
FEDERAL
BARCLAYS
GOVERNMENT
THORNBURG 5.1%
0.3%
INVESTMENT
5.2%
OPPENHEIMER
FUND'S
6.2% BOVESPA
OTHERS
JANUS CAPITAL
20.9%
6.4%
NYSE BOVESPA
BNDESPAR
5.2%
51.5% 48.5%
PREVI
NYSE OTHERS 14.2%
28.5%
BOZANO GROUP
8.3%
* Does not include16.8 million shares held on treasury.

12. Order Backlog
US$ Billion
20.9
18.8
14.8
2006 2007 2008
Highest level in the Company’s history at year end.
Highest level in the Company’s history at year end.

13. Guidance
2008 / 2009

14. 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.

15. Revenues (US$ billion)
6.4
5.2 5.5*
3.4 3.8 3.8
2.5
2.1
2002 2003 2004 2005 2006 2007 2008 2009
* Estimate

16. 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)

17. EBIT Margin
19%
16%
14%
12%
10%*
9% 8.5%
7%
5%
2002 2003 2004 2005 2006 2007 2008 2009*
* Estimate

18. Investor Relations
Phone: +55 12 3927 4404
investor.relations@embraer.com.br
www.embraer.com