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April 3, 2006

4Q05 and FY2005Earnings Results

EMBRAER

Maurício BotelhoPresident & CEO

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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2005 Highlights

In US$ millions

Record Net IncomeRecord Net Revenues

In US$ millions

136

380446

2003 2004 2005

2,144

3,4413,830

2003 2004 2005

2005 Highlights

Order BacklogNet Cash

In US$ millions In US$ Billions

222

22

360

2003 2004 2005

10.6 10.1 10.4

17.5 17.513.6

2003 2004 2005

Firm Orders Options

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Embraer New Capital Structure

Main Benefits to the Company

• Financing of the Company’s expansion programs through the equity capital markets and the use of convertible instruments

• The current capital structure does not allow the Company to issue new shares without additional capital injection by the current controlling shareholders which for different reasons is unfeasible , thus limiting the Company’s flexibility for financing its growth in the equity capital markets

• Creation of an acquisition currency for potential expansions in the international markets

• The enhancement of the Company’s valuation multiples and increase in liquidity in both the domestic and international markets would allow for potential expansion through acquisitions

• The increase in liquidity and better market perception of the Company would reflect positively on its share price in the stock exchange

• The improvement in Company’s corporate governance and transparency, in addition to the possible listing in the “Novo Mercado”, could create additional demand for the stock from institutional investors including the local pension funds

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MechanismMechanism DescriptionDescription

• The maximum allowed votes per shareholder or group of shareholde rs acting as one, including brokers acting on behalf of one or more ADS holders, will be limited to 5% of the total shares of the Company

• The mechanism above will affect only the shareholders ’ political rights (e.g., voting rights), not being applicable to economic rights

Number of valid votes per shareholder or group of shareholders acting in a concerted manner will be limited to 5% of the total shares of the Company

• Shareholders who acquire or become holders of more than 35% of the Company’s capital would be required to launch a delisting tender offer, under conditions established in Embraer s bylaws, and Brazilian laws

• The tender offer is conditioned upon the Brazilian Government authorization, subject to suspension of voting rights

• Percentage ownership must be disclosed whenever a shareholder reaches a 5% threshold and every 5% increment thereafter

• The total number of foreign votes will be limited to 40% (forty percent) of total valid votes in each General Shareholders` Meeting, corresponding to 2/3 of total votes of Brazilian Shareholders

• The CFO will monitor the Company’s ownership and the compliance of the shareholders` protection mechanisms to disclose potential violations of the company’s bylaws

Mandatory delisting tender offer

Voting rights limitation to foreign shareholders

Mandatory ownership disclosure

Monitoring Committee to follow changes in ownership

Shareholders Protection Mechanisms

New Capital Structure

738.611.820 Common (Voting) Shares

CIA BOZANO 9.87

PREVI 16.42

SISTEL 7.35

BOZANO HOLDINGS 1.20

BNDESPAR 6.32

EUROPEAN GROUP 7.50

BRAZILIAN GOVERNMENT 0.32

OTHERS BOVESPA 11.66

OTHERS NYSE 39.34

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Highlights - Commercial Aviation

Delivery of the firstEMBRAER 175 aircraft to Air Canada

The first EMBRAER 190 is delivered to launchcustomer JetBlue

Highlights– Commercial Aviation99 New Orders (94 E-jets e 5 ERJ 145)

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Highlights – Commercial Aviation

As of Dec. 31, 2005Based on total number of aircraft delivered and in backlog

Embraer Market Share30 to 60 seats 46%61 a 90 seats 36%91 a 120 seats 57%30 a 120 seats 46%

EMBRAER 170/190 Family Order Book

29-603129EMBRAER 195

322

179

8

106

FirmBacklog

118802362440Total

12408217191EMBRAER 190

1422-22EMBRAER 175

92312114198EMBRAER 170

DeliveriesTotalOptionsFirm Orders

(4th Quarter, 2005)

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ERJ 145 Family Order Book

45

10

20

15

FirmBacklog

8491,073179894Total

667834157677ERJ 145

741142094ERJ 140

1081252123ERJ 135

DeliveriesTotalOptionsFirm Orders

(4th Quarter, 2005)

Highlights - Business Jet Market

Launch of the Phenom 100 e Phenom 300

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• Built to operate within typical airline schedules of aproximately 2,000 cicles per year

• Minimum downtime for inspections• Ease of maintenance• High reliability

• The largest cabin, baggage capacity and speed in itsclass.

• High Speed Cruise: 380 ktas

• Prodigy™Avionics based on Garmin G-1000 System.

• Engines: Pratt & Whitney PW&C 617F

• Interior designed by BMW DesignWorksUSA

• Entry in Service: Mid 2008

Phenom™ 100 Main Features

Phenom™ 100 – Competitive Analysis

Phenom™ 100 CJ1(Entry Level Jet)

Eclipse 500 Mustang Adam 700

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• Built to operate within typical airline schedules of aproximately 2.000 cicles per year;

• Minimum downtime for inspections• Ease of maintenance• High reliability

• The largest range and baggage compartment in itsclass.

• High Speed Cruise: 450 kt

• Integrated Prodigy™Avionics Systembased on GarminG-1000.

• Engines: Pratt & Whitney PW&C 535E

• Interior designed by BMW DesignWorksUSA

• Entry in Service: Mid 2009

Phenom™ 300 Main Features

Layout Configuration Comparison

Phenom 300TM CJ3 EncoreCJ2+ Bravo

Phenom™ 300 – Competitive Analysis

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Highlights – Business Jet Market

Legacy 600 New Features:

ü Expansion of the operational envelope for high altitude airports(9,500 feet abouve sea level)

ü Increase of the operational ceiling to 41,000 feetü Incorporation of high-speed global connection (Wi-Fi)

• Brazilian Air Force exercisesoptions for 23 Super Tucano light attack aircraft

• Government of Colombia placesna order for 25 Super Tucanos

Highlights – Defense Market

• Embraer delivers five Legacy600 configured for authoritytransportation to theGovernment of India

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Highlights – Customer Services

• Embraer acquired OGMA - Indústria Aeronáutica de Portugal S.A.- one of the largest maintenance, repair and overhaul (MRO) facilities in Europe

• Expansion of Embraer Aircraft Maintenance Services, ourMRO facility in Nashville, TN

• New MRO facility in Gavião Peixoto, Brazil

Highlights – Industrial Operations

Delivery of the 100th E-jet, only19 months after Embraer delivered its first EMBRAER 170

Delivery of the 900th jet of theERJ 145 family

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The EMBRAER 175 receivesTransport Canada Civil Aviation(TCCA) certification and firstdeliveries are made to Air Canada

The EMBRAER 190 receives CTA, FAA and TCCA certification and thefirst aircraft are delivered to JetBlue, Copa and Air Canada

Highlights – Industrial Operations

Highlights- Industrial Operations

• Aircraft manufactured in 2005:

• 77 E-jets

• 43 ERJ 145

• 17 Legacy 600

• 36 Super Tucanos

• 7 F-5BR

• 27 Ipanemas

• Delivery of the first upgraded F-5BR fighter jet to the Brazilian AirForce

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Investor RelationsPhone: + 5512 3927-1216

investor.relations@embraer.com.brwww.embraer.com.br