2007* Airline Marketing Embraer Day 2007

Embraer Day 2007 Mauro Kern
Exec. VP Airline Market
Nov 14th, 2007
Nov 14th, 2007

Airline Market & Embraer Programs Overviews
A perspective from the 30 to 120-seat segment

Nov/2007

Contents

Air Transport Industry Review

50-seat Regional Jet Market & the ERJ145 Family

70 to 120-seat Market Evolution & the E-Jets

Embraer Market Forecast

The information contained herein is property of Embraer and shall not be copied or used without Embraer´s written consent

Strong Air Transport Demand

RPK Average Annual Growth Rates

5.0 3.5% 6.2% -0.4% 9.5% 5.7%

4.5

4.0

3.5
Total RPK (Trillion)

3.0

2.5

2.0

1.5

1.0

0.5

0.0
1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007F

2008F
Source: ICAO - Contracting States - Scheduled Airlines

Strong Effort to Reduce Costs vs. Fuel Increase
US CASM data
14
Total Cost
12

Total Cost (excl. Fuel)
10
CASM (US¢/ASM)

8

6

4
Labor

2 Fuel

0
00
00
00
00
01
01
01
01
02
02
02
02
03
03
03
03
04
04
04
04
05
05
05
05
06
06
06
06
07
07
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
• 2Q 2007 Fuel costs = 24% & Labor = 25% of Ops Cost, while 12% & 34% in 2Q2000.
• Fuel costs are offsetting labor cost restructuring savings.
• Cost Control: Total Cost (Excluding Fuel) has remained flat since 2002.

Source: ATA (Airline Cost Index)

Positive Net Results Projected for 2007 & 2008

North America
-10 -6.7 -2.7 2.7 2.5
World
-5.6 -4.1 -0.5 5.6 7.8
Europe
1.1 1.6 1.8 2.1 3.0

2004 05 06 07F 08F

Middle East
0.2 0.2 0.2 0.2 0.3

2004 05 06 07F 08F
Asia Pacific
2004 05 06 07F 08F
3.4 1.2 0.8 0.7 2.0
Africa
Latin America
-0.3 -0.4 -0.4 -0.1 0.0 2004 05 06 07F 08F
0.1 -0.1 -0.2 -0.1 0.1
2004 05 06 07F 08F
2004 05 06 07F 08F

2004 05 06 07F 08F

Values in US$ Billions
US net results includes restructuring costs and
Source: IATA Economics Sep/07 (ICAO data to 2006 and IATA Forecast 2007-2008) excludes United Airlines ‘fresh-start’ accounting losses and gains

WW Fleet Profile - 18,914 aircraft
Scheduled Airlines, All Passenger Configuration and Active in Service

Age (years)

> 30
4,000
3,563 26-30
3,531
3,500
21-25
Number of Aircraft (Units)

3,000 16-20

2,500 11-15
2,057 6-10
2,000
1,751 0-5
1,630
1,500 1,421
1,088 1,040
1,000 941 921

462 509
500

0
TP < 30

TP 30-60

TP 61-90

Jet 30-60

Jet 61-90

Jet 91-120

Jet 121-145

Jet 146-175

Jet 176-210

Jet 211-300

Jet 301-400

Jet >400
Source: BACK (Sep/07)

Environment: becoming a Critical Issue

Increasingly negative public but…
image >> a pollution symbol
Aviation is currently responsible for
2.9% of all CO2 emissions, and expected
to increase to 3.3% by 2050*.
Current main focus from NGOs,
media, and politicians
2006 2050
2.90% 3.30%

The main driver for next
generation engines and aircraft

Industry working to present real 97.10% 96.70%

All Other Sources All Other Sources
facts, based on technical and
Aviation Aviation
economic arguments

*IPCC Report Aviation and the Global Atmosphere (1999; scenario FE1); IPCC Report on Emissions Scenarios (2000; Scenario A1F1) and BACK (2006)

Air Transport Industry Main Drivers

Driver Consequence

• New Passenger Profile Different Set of Values (pricing, comfort,
more frequencies and direct services)
• Increased Competition Pressure for Differentiated Services
• Weak Revenue Environment Requires Continuous Cost Reductions,
Improved Productivity and Efficiency
• Regulatory: Liberalization Opportunities for New Entrants
• Regulatory: Environment Increased Costs – may reduce demand

• Old Fleet Additional Costs: Fuel & Maintenance

• Fuel Prices Increased Costs – may reduce demand
• Demand vs. Capacity Need of a Better Match of Market
Demand and Aircraft Capacity

ERJ 145 Family Order Book

(September 30th., 2007) Firm Firm
Options Deliveries Backlog
Orders

ERJ 135 108 - 108 -

ERJ 140 74 - 74 -

ERJ 145 733 131 682 51

Total 915 131 864 51


1,000 ERJ145 Platforms Already Delivered
Dec 1996
Dec 1996

First Delivery
First Delivery

Dec 1998
Dec 1998

Dec 1999
Dec 1999

Aug 2000
Aug 2000

September, 2007

Mar 2001
Mar 2001 Sep 2001
Sep 2001 May 2002
May 2002 May 2003
May 2003 May 2004
May 2004 Feb 2005
Feb 2005


Market Share - World (30-60 seats)
100
Embraer: ERJ 145/140/135
93
Bombardier: CRJ100/200/440
90
83
80

68
70

60 55 54
56 55 52 53 53 53
52 52
(%)

50
45
48 48
45 48 47 45 47 47
46
40
32

30
17
20

7
10

0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Oct/07


RJ50s Current Situation

• Worldwide FIS (Sep/07): 2057 aircraft

• 66% in the US; 13% in Europe; 9% in the CIS and 12% in ROW

• Parked aircraft (in storage): 22 CRJs; 2 ERJs; 17 others

• only 2% of the total fleet – a stable market

• RJ50s: responsible for nearly 30% of US domestic departures

• China´s regional airline industry starts to develop; FIS = 73 RJ50s

• Secondary market being developed: Mexico, Eastern Europe and
Africa

Source: BACK (Sep/07; FIS=Scheduled airlines and A/C active in service)

China: New Opportunities for Regional Airlines

Grand China Express (Hainan)

• Will operated 50 145s+ 50 E190s.
• Started operation with 328s, which will be gradually
phased out along the introduction of ERJ145

Kunpeng (Shenzhen & Mesa JV)

• Started operation in September 2007 with used RJ50s
leased from Mesa
• Looking for a fleet of 160-200 aircraft including 50 and
100 seaters

China Express
• Started operation in September 2006 with used RJ50s
leased from Shandong airlines that also provides pilots.
• Plan a fleet of 50-100 aircraft in the long term.


RJ50 Market Opportunities – Russia/CIS
Old fleet replacement is needed in the short term: 524 aircraft affected

200
Number of Aircraft

150 50 seats 30 seats
Avg. Age Avg. Age 76 seats
35 years 32 years Avg. Age
29 years
100 187 188
An-24 Yak-40 149
50 Tu-134

0
Source: BACK (Mar/07)
Turboprop Jet 30-60 Jet 61-90
Replacement already started: Dniproavia / ERJ145; Soyuz / EMB120

ERJ135 / ERJ140 Higher Density Studies

•ERJ 135 = 37 seats ERJ 135HD = 41 seats

•ERJ 140 = 44 seats ERJ 140HD = 48 seats

• Removal of aft lavatory and Installation of a
new lavatory at aircraft fwd.
• Add one four abreast row where lavatory was
originally installed.


ERJ 145 Family Shedule Reliability Status

ERJ145 - SCHEDULE RELIABILITY AND COMPLETION RATE

100.00

99.50

99.00
SR & CR (%)

98.50

98.00

97.50

97.00
FEB

DEC

FEB

DEC

FEB

DEC
MAY

SEP

MAY

SEP

MAY

SEP
JAN

MAR
APR

JUN

JAN

MAR
APR

JUN

JAN

MAR
APR

JUN
AUG

AUG

AUG
JUL

OCT

JUL

OCT

JUL

OCT
NOV

NOV

NOV
2005 2006 2007

SR CR


Residual Value Evolution (RJ50s)
RV@ 12 years
10,00

9,00

8,00

7,00

6,00
US$ Millions

5,00

4,00

3,00

2,00
ERJ-145
1,00 CRJ-200
0,00
20 4

20 1

20 2

20 3

20 4

20 1

20 2

20 3

20 4

20 1

20 2

20 3

20 4

20 1

20 2

20 3

20 4

20 1

20 2

20 3

4
Q

Q

Q

Q

Q

Q

Q

Q

Q

Q

Q

Q

Q

Q

Q

Q

Q

Q

Q

Q

Q
02

03

03

03

03

04

04

04

04

05

05

05

05

06

06

06

06

07

07

07

07
20

Source: average of 12 representative industry Appraisers

RJ 50s Future Market Trends

• Market entered a mature phase in the US and Europe

• RJ50s will remain the backbone of US hub feeding system

• Some new market opportunities (long and thin) in the US and EU

• Potential for regional aviation development in China and Russia

• Secondary market will keep expanding


E-Jets Family
Helping airlines
to improve efficiency

E-Jets Family
EMBRAER 170/175
EMBRAER 170
• 70 to 80 Seats
• 2,100 nm Range
• Certification – February 2004

EMBRAER 175
• 78 to 88 Seats
• 2,000 nm Range
• Certification – December 2004

EMBRAER 190/195
EMBRAER 190
• 98 to 114 Seats
• 2,400 nm Range
• Certification – August 2005

EMBRAER 195
• 108 to 122 Seats
• 2,200 nm Range
• Certification – June 2006

E-Jets Family - Main Applications

Natural evolution for existing 50-seat markets

Right-sizing of low load-factor narrow-body flights
Capacity, range & seamless service
Enhancing services by increasing frequencies

New market opportunities – low risk development
Medium density and long/thin markets

Replacement of old & inefficient jets


US Regionals: Trend towards high capacity aircraft
Capacity Share by Segment - Jets

30-60 61-90
100%

80%
ASM Offered

60%

40%

20%

0%
00

07

00

07

00

07

00

07

00

07

00

07
20

20

20

20

20

20

20

20

20

20

20

20
Source: BACK

World Market Opportunities – Replacement
World Fleet Age Profile (61-120 seats): 2,454 jets / 15 years average age
800 Avg.
Region # Acft.
30% of 61-120 fleet Age
700
(735 acft) with more North America 846 10
600 Latin America 285 23
Number of Aircraft

than 20 years
500 Europe 617 11
Russia & CIS 231 23
400
Africa 148 22
300
Middle East 48 16

200 Asia Pacific 241 19

100 China 38 8

World 2,454 15
0
0-5 6-10 11-15 16-20 21-25 26-30 31-35 >35

Age (Years)

735 aircraft will be eligible for replacement in the coming years;
retirement may be antecipated due to fuel costs
Source: BACK (Oct/06)

Comparison: Fuel / CO2 Emissions
The E-Jets Family offers substantial fleet renewal benefits with fuel /
emission reductions up to 50%.

CO2 Emissions*: 61 to 90-seat segment
160%
140%
120% +53%
100%
80%
60%
40%
20%
0%
E170 E175 BAe 146- BAe 146- F70 RJ85 DC9-10
100 200

*500 nm sector, 100% Load Factor.

Comparison: Fuel / CO2 Emissions
The E-Jets Family offers substantial fleet renewal benefits with fuel /
emission reductions up to 50%.

160%
CO2 Emissions*: 91 to 120-seat segment

140%
+50%
120%

100%

80%

60%

40%

20%

0%
E190 E195 B717 B737- B737- B737- F100 MD87 RJ100 DC9-30
200 300 500

*500 nm sector, 100% Load Factor.

Short Term Fleet Renewal Benefits

E-Jets can bring immediate fuel / emissions savings of up to 50%


E-Jets Joint Certification means Flexibility
Same Type Design for ANAC, FAA and EASA

FAA EASA

ANAC FAA EASA

EMBRAER 170 February 2004 February 2004

EMBRAER 175 December 2004 August 2006 January 2005

EMBRAER 190 August 2005 September, 2005 June 2006

EMBRAER 195 June 2006 July 2007 July 2006

Market swap flexibility
Increased residual value

E-Jets Commonality

Training 70% of the potential Spare Parts 30% of the potential
benefits benefits
same cockpit, common systems and fly-by- E170
wire technology mean maximum training 100%
commonality within the family
E175
EMBRAER 170 175 190 195
86%
170 ------- A/A/A A/A/A A/A/A

175 A/A/A ------- A/A/A A/A/A E190
190 A/A/A A/A/A ------- A/A/A 100%
195 A/A/A A/A/A A/A/A ------- E195
Training Qualification Differences : According to FAA AC 120- 53, grades Based on the aircraft RSPL (Recommended Spare Parts List)
range from A (best) to E (worst) in 3 categories: Training Differences, Check Note: Airframe and Ground Servicing Equipment only (Engines are not included).
Differences and Recurrent Training

E-Jets have the maximum training commonality (A/A/A)
E-Jets offer an outstanding parts commonality (86% to 100%)


The Comfort Factor
E-Jets: Narrowbody airplane comfort in more convenient sizes

CRJ700/900 EMBRAER 170/190 A318/320
17.3” 18.25” 18.0”

16” 19.75” 19”

E170/190 advantages:
0.95” (2.4cm) wider seats Widest seats 0.25” (0.6 cm) wider seats

3.75” (9.5cm) wider aisle (+23%) Widest aisles 0.75” (1.9 cm) wider aisle

16% more volume per seat No middle seats Equal volume per seat

“Passengers love this aircraft for its spacious interior design and in particular the
absence of a middle seat.” Bryan Bedford, CEO Republic Airways (Jul/06)
“The comfort of the E175 aircraft is important to our customers and the
economics of the aircraft make good business sense.” Scott Kirby, US Airways EVP Sales
and Marketing (Jul/06)

The Trip Cost Factor
E-Jets: Lower trip costs than comparable airplane sizes
8000 7563
- 20%
- 32%
7000
6310
6058
6000 US Domestic
5368
5135
Network Airline -
US$ per Trip

5000
800 sm trip

4000

3000 Airplane Variable
plus Ownership
2000 Costs per Trip

1000

0
E170 E175 E190 E195 A319 /
B737-700
2-class seating: 70 78 94 104 124
Costs exclude: revenue related costs and system (overhead) costs
Costs include: variable: fuel, crew, maintenance, landing fees, handling fees ; ownership: lease cost, hull insurance, spares inventory costs


Air Canada – Merrill Lynch Global Transportation Conference (Jun/2007)

Domestic

International

Y
COP


E-Jets Family Order Book

(September 30th., 2007) Firm Firm
Options Deliveries
Orders Backlog
EMBRAER 170 163 123 137 26
EMBRAER 175 106 136 46 60
EMBRAER 190 391 432 99 292
EMBRAER 195 52 65 10 42
Total 712 756 292 420


Embraer: 170/175/190/195
Bombardier: CRJ700/900/1000
100 100 Airbus: A318
100 Boeing: B737-600
99 AVIC I: ARJ-21
90
Sukhoi: Superjet 100
Antonov: An-148
80

70

60 60
(%)

50 46 46
44 44 44
42
40 40 38 39
36
33 32 34
30 38
30 29
25
23
28 22 21
20 17
21 16
12
17 16 16 9
10 11 79 6 5
8 5 4 5
2 2 2 2 2
0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Oct/07


E-Jets Customer Base Evolution
Customers/
Operators 1 2 3 4 9 14 19 29 40
800
712
700
619
600
Accumulated Firm Orders

500 440

400 343

300 245

200
110 112 118
100
60

0
1999 2000 2001 2002 2003 2004 2005 2006 Sep/2007
Deliveries
Source: Embraer


E-Jets Worldwide Distribution

Customers Firm Orders
Asia Pacific /
China

19% Middle East / 14%
19% Africa 5%

Europe 53%
19% 17% 18%

26% Latin America 10%

North America

Growing and diversified customer-base across five continents.
Increased presence in emerging markets with established carriers.

Source: Embraer (Sep/07)


E-Jets Delivery Pace Evolution
1st Delivery -
Mar/2004 100th: Oct/2005 200th: Dec/2006 300th: Oct/2007
350

300
Accumulated Deliveries (units)

250

200

150

100

50

0
04

04

04

04

05

05

05

05

06

06

06

06

07

07

07
1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

E-Jets Deployment in North America

Sep/07 Deliveries Backlog
15 E175
11 E190
34 E190

29 E190 72 E190

4 E175 32 E175

8 E190 49 E190

13 E175

16 E170

4 E170

Natural Growth Right-sizing New Routes 28 E170

40% 42% 18% 28 E170
13 E175
17 E175
0% 20% 40% 60% 80% 100%
E-Jets 183 190
Source: BACK (4Q06), Embraer


E-Jets Deployment in domestic long haul

Airline Longest Route

E190 New York-Calgary
1,768 nm ; 5:20 (2 Daily)

E170 New York – Austin
1,316 nm ; 4:10 (1 Daily)

E170 Denver – Dayton
942 nm ; 2:47 (1 Daily)

E190 Boston – Austin
1,470 nm ; 4:10 (1 Daily)

E170 Edmonton – Chicago
1,231 nm; 3:10 (1 Daily)

E175 Philadelphia – Houston
1,150 nm ; 3:30 (2 Daily)

Efficiency and flexibility also for long haul domestic/transborder markets
Source: BACK (Jul/07)

E-Jets Deployment in Europe

6 E170

10 E195

2 E170

10 E170
6 E190
4 E190

5 E190

6 E195 8 E195

10 E190

10 E170
6 E175

30 E190


41% 53% 3% 6 E170
4 E190
6 E190
0% 20% 40% 60% 80% 100%
E-Jets 48 83

E-Jets Deployment in Middle East & Africa


15 E170

2 E175
4 E195
1 E195

6 E170

2 E170 1 E170

2 E170

1 E170

Natural Growth Right-sizing New Routes
E-Jets 28 6
5% 86% 9%

0% 20% 40% 60% 80% 100%

Source: BACK (Jan/07), Embraer

E-Jets Deployment in Asia Pacific & China


50 E190

5 E170
1 E170
14 E190

2 E190 5 E190

2 E170
3 E175

1 E170

1 E170

10 E170

E-Jets 10 84

Source: Embraer


E-Jets Deployment in Latin America


4 E190

8 E190

1 E175 1 E190

20 E195

10 E190 5 E190

2 E170

2 E170
2 E190

27% 58% 15% E-Jets 24 32
0% 20% 40% 60% 80% 100%


E-Jets – more than 1,000,000 Flight Hours

E170/175 E190/195
Operators 18 Operators 11
Aircraft in Service 181 Aircraft in Service 109
Flight Hours 861,698 Flight Hours 238,362
Flight Cycles 608,493 Flight Cycles 149,492

Fleet Leader Fleet Leader
Flight Hours (Republic S/N 0016) 9,430 Flight Hours (Air Canada S/N 0013) 4,974
Flight Cycles (Republic S/N 0016) 6,618 Flight Cycles (JetBlue S/N 008) 3,402

E170/190 Family
Operators* 26
Aircraft in Service 290
Flight Hours 1,100,060
Flight Cycles 757,985

Source: Airlines (as of Sep 30th, 2007) (*) Air Canada, Finnair and TAME operate aircraft of both subfamilies

E-Jets Continuous Product Evolution

2006 2007 2008 2009

HUD Repeater ETOPS 190 (75’)
+
LVTO 170

Steep Approach 170

New Higher Thrust
Engine Version
CF34-10E7 CAT III A Autoland 175
CAT III HGS 190

CAT III HGS 195 “… (E-190 flightcrew) will be able to fly
“… (E-190 flightcrew) will be able to fly
every approach the same way, in good
every approach the same way, in good
CAT III B 170 weather and in bad, from the left seat or
weather and in bad, from the left seat or
CAT III A Autoland190 the right seat, to ILS-equipped runways
the right seat, to ILS-equipped runways
or on non-precision approaches”
or on non-precision approaches”
Usto Schutz, JetBlue’s VP (E190 Program)
Usto Schutz, JetBlue’s VP (E190 Program)
EFB

E170/190

E-Jets Continuous Product Evolution…

2006 2007 2008 2009

ETOPS 190 (120’’)
E175 AR

E170 AR CAT IIIA Autoland 195

• Steep Approach 190

…creating value to customers.


E170/175 Schedule Reliability Status


E190/195 Schedule Reliability Status


Residual Value Evolution (100 seaters)
RV@ 12 years
16,00

15,00

14,00

13,00

12,00

11,00

10,00
US$ Millions

9,00

8,00

7,00

6,00

5,00
Embraer 190
4,00
Embraer 195
3,00
B737-600
2,00
A318
1,00

0,00
20 4

20 1

20 2

20 3

20 4

20 1

20 2

20 3

20 4

20 1

20 2

20 3

20 4

20 1

20 2

20 3

20 4

20 1

20 2

20 3

4
Q

Q

Q

Q

Q

Q

Q

Q

Q

Q

Q

Q

Q

Q

Q

Q

Q

Q

Q

Q

Q
02

03

03

03

03

04

04

04

04

05

05

05

05

06

06

06

06

07

07

07

07
20

Source: average of 12 representative industry Appraisers

70 to 120-seat Future Market Trends

Traffic growth on high load factor RJ50 routes
REGIONAL

Capacity increase on RJ50 routes at peak hours

Mainline service level on regional routes
NETWORK

Right-sizing of low load factor narrow-body flights

Replacement of old and inefficient jets
LOW COST

Expansion into medium density markets


Embraer´s main actions towards a cleaner environment

• Embraer was the first aircraft manufacturer to
obtain ISO 14001 certification in March 2002.

• Embraer is the first aircraft manufacturer to
produce a 100% biofuel powered aircraft (Ipanema).

• Embraer is improving efficiency of its current
aircraft portfolio and investing in the development
and implementation of new technologies.

• Replacement of old jets can produce emissions
reduction of up to 50% in the short term.

• Embraer is putting big efforts in cleaning its
production processes.

• Embraer is fully committed to develop new
products that will help the aviation industry to
reduce its environmental impact.

NEW Market Forecast (2008-2027)

Projected Traffic and Economic Growth
Growth by Region (2008-2027)

China

Middle East

Latin America

Africa RPK
CIS GDP
Asia Pacific

Europe

North America

World

0% 1% 2% 3% 4% 5% 6% 7% 8%

Average Annual Growth (%)

Projected world GDP growth around 3% in the next twenty years
sustaining nearly 5% annual increase in air transport demand
Source: Global Insight and Embraer (Oct/06)

Embraer Market Forecast (2008-2027)
Jet Deliveries by Capacity Segment

Segment 2008 - 2017 2018 - 2027 2008 - 2027

30 - 60 275 825 1,100
61 - 90 1,075 1,525 2,600
91 - 120 1,800 1,950 3,750
TOTAL 3,150 4,300 7,450

30-60: Mature market, low 50-seat demand in the short/mid term.
61-90: 75-seater as a natural growth of RJ50s.
91-120: Right-sizing of narrowbody operations, replacement of old &
inefficient jets and airline expansion into mid-density markets.

Embraer Market Forecast (2008-2027)
Projected Deliveries (30-120 seats): 7,450 Jets

CIS
North 510
America Europe 7%
3,330 1,350
45% 18% China
Middle 730
East 10%
Africa 190
Latin
America
220 2%
3% Asia
580 Pacific
8%
540
7%


Embraer: ERJ 145/140/135 ; Embraer 170/175/190/195
80 Bombardier: CRJ100/200/440/700/900/1000
Airbus: A318
Boeing: B737-600
AVIC I: ARJ-21
70
Sukhoi: Superjet 100
Antonov: An-148

60 59

51 52 51
52 50 50 50
50 48 47 47
47 44 45 45 45
42 42
44 44 44
(%)

40 38
38
37 34
30
24

20 23
14
10 11 8
8
5 4 3 3
5 8 33 2 2 2
4 2 2
0 4 4 3 2 1 1 1 1
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Oct/07


E-Jets Around the World

Thank you

2007* Airline Marketing Embraer Day 2007

Recommended

Recommended

More Related Content

What's hot

What's hot (19)

Similar to 2007* Airline Marketing Embraer Day 2007

Similar to 2007* Airline Marketing Embraer Day 2007 (20)

More from Embraer RI

More from Embraer RI (20)

2007* Airline Marketing Embraer Day 2007