Third Quarter 2008 Third Quarter 2008

ResultsResults

November 4, 2008

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.

Forward Forward LookingLooking StatementStatement

SummarySummary

• By the end of September 2008, the volatility of the Brazilian currency brought direct

impact to Embraer net results. The Company’s policy to mitigate its exposure to the

currency variations is based on the balance between assets and liabilities indexed in

foreign currency and on the daily management of its currency trading, since most of its

revenues are in dollars and possibly could act as a natural hedging for the Company.

• At September 30, Embraer held derivative positions, in total of R$ 1,675 million

(approximately US$ 875 million), mostly Non-Deliverable Forward (“NDF”), to hedge its

exposure to the Brazilian currency. Those instruments did not have any speculative

component and served exclusively to protect the Company’s operations against a

potential loss arising from adverse changes in currency exchange rates.

• In 3Q08, the Company recognized financial expenses related to market value (MTM) of

those hedge position of US$92.9 million. Consistently, a stronger US$ / R$ exchange

rate tends to improve the operational results of the Company moving forward.

SummarySummary

• Embraer announced 13 new commercial aircraft sales, including twelve EMBRAER

190s (five to China’s Kun Peng, five to Austria’s NIKI, and two to LAM, of

Mozambique), and one EMBRAER 195 to Montenegro Airlines.

• Embraer disclosed 17 EMBRAER 190 sales that were included in the backlog as

“undisclosed customer”, being 12 for Aeromexico and five to NAS Aviation, of Saudi

Arabia.

• During 3Q08, China’s Kun Peng, TACA Airlines (El Salvador), Petroecuador, and

Virgin Nigeria were added to Embraer’s list of operators.

• Embraer’s firm order backlog on September 30, 2008, reached a record high of US$

21.6 billion, including sales to the Executive Aviation market, which backlog is

approximately US$ 7.0 billion.

SummarySummary

• The EMBRAER 170/190 jet family backlog accumulated a total of 865 firm orders and

813 options.

• Indian Government acquires three Embraer EMB 145 AEW&C Jets.

• Embraer to create two Centers of Excellence in Portugal.

• Embraer will supply the Super Tucano to the Chilean Air Force.

• Embraer opened two new Executive Jets Service Centers in the U.S.

Results & Results &

PerformancePerformance

Jet DeliveriesJet Deliveries

47

61

4552

48

3Q07 4Q07 1Q08 2Q08 3Q08

Net Revenue by SegmentNet Revenue by Segment

3Q07 3Q08

Others

1.6%Aviation

Services

10.8%Executive

Aviation

14.8%

Defense and

Government

4.1%

Commercial

Aviation

68.7%

Others

3.1%Aviation

Services

9.8%Executive

Aviation

14.4%

Defense and

Government

8.8%

Commercial

Aviation

63.9%

Net RevenuesNet Revenues

US$ Million

1,428

1,875

1,336

1,635 1,546

21.2%

22.6%

20.4%

21.9% 21.7%

3Q07 4Q07 1Q08 2Q08 3Q08

Net Revenue Gross Margin

Income from OperationsIncome from Operations

US$ Million

162 165

49

113101

11.4%8.8%

3.6%

6.9% 6.5%

3Q07 4Q07 1Q08 2Q08 3Q08

Income from Operations Margin

EBITDAEBITDA

US$ Million

181 182

65

129 119

12.7%

7.7%7.9%

4.9%

9.7%

3Q07 4Q07 1Q08 2Q08 3Q08

EBITDA EBITDA Margin

Net IncomeNet Income

US$ Million

195 201

85

134

58

13.6%10.7%

6.4%

8.2%

3.7%

3Q07 4Q07 1Q08 2Q08 3Q08

Net Income Net Margin

Accounts Receivable and Clients FinancingAccounts Receivable and Clients Financing

US$ Million

346 394 370 406

23637 35

34

329

378 373382 410

401

34

3Q07 4Q07 1Q08 2Q08 3Q08

Accounts Receivable CCF A/c Leasing/Remarketing

InventoriesInventories

US$ Million

2,6812,491

2,6882,838 2,925

3Q07 4Q07 1Q08 2Q08 3Q08

IndebtednessIndebtedness

• Average Cost in Brazilian Currency (R$): 7.71% p/a

• Average Cost in Foreign Currency (US$): Libor + 1.16% p/a

Total Debt: US$ 1,430 Million

Loans Average Maturity: 3.5 years

Short

Term

45%

Long

Term

55%

Foreign

Currency

73%

Brazilian

Currency

27%

Net Cash (Debt)Net Cash (Debt)

US$ Million

450

740

492524

650

3Q07 4Q07 1Q08 2Q08 3Q08

Order BacklogOrder Backlog

US$ Billion

21.6 20.7 20.3 18.8 17.2

24.3 26.1

26.5 25.9 25.1

3Q07 4Q07 1Q08 2Q08 3Q08

Firms Options

Investor Relations Investor Relations

Phone: +55 12 3927 4404Phone: +55 12 3927 4404investor.relations@embraer.com.brinvestor.relations@embraer.com.br

www.embraer.comwww.embraer.com