CS First Boston & Aviation WeekAerospace & Defense Finance Conference

May 2002

Foward Looking

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.

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.

EmbraerHighlights

Fourth largest commercial aircraft manufacturer in the world, with leading aerospace products and technology

Premier global customer base - strong market share

Strong global partners

Outstanding financial performance

Largest exporter in Brazil in 1999, 2000 & 2001

Company Highlights

Commercial Market

As of March 31, 2002:

865 firm orders and 359 options

531 aircraft delivered since ’96

ERJ 135/140/145 Jet Family

37, 44 and 50-seat jet family

96% commonality between aircraft

ERJ 145 Family Orderbook

March/2002

334

160

142

32

FirmBacklog

5311,224359865Total

410837267570ERJ 145

3221945174ERJ 140

8916847121ERJ 135

DeliveriesTotalOptionsFirm

Commercial Market

EMBRAER 170/175/190/195 Jet Family

70,78, 98 and 108-seat jet family

112 firm orders and 202 options on January 31, 2002

Nearly two-thirds of development costs borne by risk sharing partners

Deliveries scheduled to begin in 2Q03 with EMBRAER 170

314202112Total

1027230EMBRAER 190

21213082EMBRAER 170

TotalOptionsFirm

EMBRAER 170/190 Family Orderbook

March/2002

Corporate Market - Legacy

VersionsExecutiveCorporate ShuttleTransport for Authorities

Corporate Jet based on the ERJ 135 Launched in July 2000

Legacy Orderbook

Current as of Mar 2002

66

-

25

41

FirmBacklog

71679473Total

783767EMB 135/145

-755025Legacy Shuttle

-793841Legacy Executive

DeliveriesTotalOptionsFirm

Defense Market

SUPER TUCANO

EMB 145 AEW&C

AMX / AMX-T

EMB 145 RS

F-5 BR

EMB 145 MP/ASW

EMB 120KLEGACY/ EMB 135/140/145

EmbraerBusiness

Embraer Business

The aerospace businessis supported by 5 pillars High Technology

Qualified People

Global Business

Flexibility

Cash Intensiveness

HighTechnology

High Technology

The Virtual Reality Center

Provides visualization of the aircraft structure and systems during the project phase, using 3D electronic models

Reduces the development cycle

Digital Mock-Up EMBRAER 170

High Technology

High Technology

Digital Mock-Up ERJ 145

QualifiedPeople

High School64,5%

PhD0,2% Graduate

29,3%

Post Graduate4,7%

Master1,3%

Qualified People

Educational Levels

25% of the 11,048 employees, are engineers

Qualified People

More than US$ 60 millioninvested in training and qualificationin the last 3 years.

21 24,518

1999 2000 2001

GlobalBusiness

Global Business

Civil & Defense Aircraft flying in 58 countries in 5 continents.

Global Business

Current Fleet of Regional Aircraft

Latin America& Caribbean260 aircraft85 customers

Africa & Middle East55 aircraft10 customers

AsiaPacific60 aircraft20 customers

Europe285 aircraft40 customers

North America920 aircraft35 customers

Turboprop Operators

ERJ Operators

Global Business

Operations in Brazil, United States, Europe, Asia and Australia

BrazilGavião Peixoto

BotucatuSão José dos Campos

Eugênio de Melo

USADallas

NashvilleAtlanta

Palm Beach GardensFort Lauderdale

FranceLe Bourget

UKWeybridge

ChinaBeijing

AustraliaMelbourne

SingaporeSingapore

CashIntensiveness

Cash Intensiveness

In the last 5 years the Company invested almost US$ 1 billion in research & development and productivity.

10481

122147

213

296

1996 1997 1998 1999 2000 2001

US$ 1.3 Billion Investments in the Next 5 Years

Cash Intensiveness

1,283227224239262331TOTAL

34951505971118PP&E

36527

50141

272

1398

342

1308

612

1098

1056

728

1381551

9

ComercialCorporateDefenseOthers

934176174180191213Research &Development

2002-200620062005200420032002US$ millions

Cash intensiveness

Family launched in July 1999Roll out in October 2001First Flight in February 2002

31 months from launchto first flight

Risk Sharing concept with partners allows the decrease in development cycle and investment risk

Cash Intensiveness

In 2000 & 2001 Embraer increased its global presence in the International Capital Markets:

July 2000: US$ 446 Million in Primary & Secondary Offerings

June 2001: US$ 750 Million in a Secondary Offering

Flexibility

Flexibility

Embraer has the agility and flexibility to adjust its production in accordance with market demand.

ERJ 135/145Deliveries

Flexibility

New Delivery Forecast

4

32

59

96

160 161

135145

1996 1997 1998 1999 2000 2001 2002 2003

Flexibility

To cope with the new scenario, Embraer adjusted its total labor force and laid off 14% (1,800) of its employees.

6,087

4,319 3,8494,494

6,7378,302

10,33411,048

1994 1995 1996 1997 1998 1999 2000 2001

Total of Employees

Flexibility

Flexibility incorporated into the production line allowed an increase in efficiency and decrease in production lead time

Lead Time in Months

8.0

6.0 6.05.5

4.9 5.0

1996 1997 1998 1999 2000 2001

Flexibility

Embraer presents one of the highest "revenue per employee" in the industry.

101

172

242 247

307

254

1996 1997 1998 1999 2000 2001

Revenue per employeeUS$ thousand

FinancialResults US GAAP

US$23.1 billion in total orders,

including US$ 10.3 billion in firm orders

150% 36,7%Annual Growth 56,1% 78,1% (6,1)%

Backlog

$3,0$6,4

$11,4 $10,7 $10,3

$11,3

$12,7 $12,7 $12,8

$1,2 $4,1$0,0

$5,0

$10,0

$15,0

$20,0

$25,0

$30,0

1996 2000199919981997 2001 1Q02

(3,7)%

Net Sales

756

1.344

2.7572.922

1.841

-

500

1.000

1.500

2.000

2.500

3.000

3.500

1997 1998 1999 2000 2001

US$ Million

Gross Profit & Margin

206

374

1.127

862

595

38,6%

27,2% 27,8%

32,3%31,3%

-

250

500

750

1.000

1.250

1.500

1997 1998 1999 2000 200110%

20%

30%

40%

US$ Million

EBITDA & Margin

US$ Million

71

193

493

396

698

9,3%

14,3%

21,5%

17,9%

23,9%

-

200

400

600

800

1.000

1.200

1997 1998 1999 2000 20010%

10%

20%

30%

Net Income & Net Margin

US$ Million

145

328

233

321

3

11,2%11,6%12,7%

10,8%

-

100

200

300

400

500

600

1997 1998 1999 2000 20010%

5%

10%

15%