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Company HighlightsCompany Highlights
Investment Grade rating by Moody’s and S&P.
Strong Balance sheet with solid Net cash position.
Company established in 1969, with business in four segments.
Privatized in 1994 and listed in USA in 2000.
Broad customer base in commercial and executive aviation, defense and
security segments.
Global footprint.
Highly experienced management team.
3
Global BusinessGlobal Business
� Operations in Brazil, USA, Europe and Asia
� Dual listed in Brazil’s Bovespa (1989) and NYSE (2000)
Melbourne*
Fort Lauderdale
Nashville
USA
Taubaté
Botucatu
Gavião Peixoto
São José dos Campos
Brazil
Évora*
Alverca
Portugal
Le Bourget
Villepinte
France
Harbin
Beijing
China
Singapore
Singapore
Countries of Operation Factories Offices Service Centers Contracted/ Planned Authorized Network* Under construction
� One of Brazil’s largest exporters of manufactured goods
� Diversified customer-base across five continents
Mesa
Windsor Locks
São Paulo
Spare Parts Distribution Centers
LouisvilleMinneapolis
103
133
165
125
27 36 3721 19
98
126101
2
2006 2007 2008 2009 2010
4
Executive Large Jets*
Aircraft DeliveriesAircraft Deliveries
Executive Light Jets**Commercial Jets
2010 deliveries estimates • 90 commercial jets• 17 executive large jets*• 120 executive light jets** Sur
passed
Legacy e LineagePhenom
***
5
Net RevenueNet Revenue
US$ Million
Guidance 2010: Net Revenue - US$ 5.25 billion
Guidance Achieved
3,760
5,2456,335
5,498 5,364
2006 2007 2008 2009 2010* *
2006-2008: US GAAP2009-2010: IFRS*
14.818.8 20.9
16.6 15.6
2.8 3.0
3.83.2 3.0
2006 2007 2008 2009 2010
21%
30%
49%
6
Firm Order BacklogFirm Order Backlog
Firm Order Backlog Backlog/Revenue (Years)
US$ Billion
Commercial aviation
Executive aviation
Defense and security
7
Revenue BreakdownRevenue Breakdown
Revenue by Segment Revenue by Region
Commercial aviationExecutive aviation
OthersAviation services
Defense and security North America
Brazil
EuropeAsia Pacific
Latin AmericaOthers
67% 62%53%
14%16%
21%
8% 9% 13%
9% 11% 11%2% 2%2%
2008 2009 2010
6.33 5.49 5.36
Net Revenue
US$ Billion*6.33 5.49 5.36
2008: US GAAP2009-2010: IFRS*
43%
22%13%
18%
33%
33%
10%7%
15%
4%11% 13%
18% 21% 22%
7% 6% 4%
2008 2009 2010
9
Product PortfolioProduct Portfolio
capacity: 70 to 80 seatsrange: 2,100 nm (3,900 Km)
capacity: 78 to 88 seatsrange: 2,000 nm (3,700 Km)
capacity: 98 to 114 seatsrange: 2,400 nm (4,500 Km)
capacity: 108 to 122 seatsrange: 2,200 nm (4,100 Km)
capacity: 37 seatsrange: 1,750 nm (3,250 Km)
capacity: 50 seatsrange: 1,550 nm (2,900 Km)
capacity: 50 seatsrange: 2,000 nm (3,700 Km)
capacity: 44 seatsrange: 1,650 nm (3,050 Km)
10
Commercial Aviation PerformanceCommercial Aviation Performance
Firm Firm
OrdersOrdersOptionsOptions TotalTotal DeliveriesDeliveries
Firm Firm BacklogBacklog
ERJ 145 Family 890 - 890 888 2
EMBRAER 170 191 40 231 181 10
EMBRAER 175 173 276 449 133 40
EMBRAER 190 478 353 831 321 157
EMBRAER 195 105 51 156 64 41
TOTAL ETOTAL E--JETSJETS 947947 720720 1.6671.667 699699 248248
TOTALTOTAL 1.8371.837 720720 2.5572.557 1.5871.587 250250
Firm Firm
OrdersOrdersOptionsOptions TotalTotal DeliveriesDeliveries
Firm Firm BacklogBacklog
ERJ 145 Family 890 - 890 888 2
EMBRAER 170 191 40 231 181 10
EMBRAER 175 173 276 449 133 40
EMBRAER 190 478 353 831 321 157
EMBRAER 195 105 51 156 64 41
TOTAL ETOTAL E--JETSJETS 947947 720720 1.6671.667 699699 248248
TOTALTOTAL 1.8371.837 720720 2.5572.557 1.5871.587 250250
Commercial Aviation Commercial Aviation -- Order Book 4Q10Order Book 4Q10
EE--Jets Around the WorldJets Around the World
0%
20%
40%
60%
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
11
Worldwide DistributionWorldwide Distribution
Diversified Customers Across 5 Continents
Asia Pacific /China12%
Middle East /Africa22%
Europe / CIS32%
LatinAmerica
18%
NorthAmerica
16%
Firm Orders
Asia Pacific / China14%
Middle East / Africa
9%
Europe / CIS21%
NorthAmerica
44%
Latin America12%
Commercial Jets Market Share Evolution Worldwide
Considering Accumulated Net Orders
60-120 Seats Jets
43%
31%
7%
3%
6%6%
3%1%
12EE--Jets supported by leasing companiesJets supported by leasing companies
Regional Airlines
Network Airlines
(% of E-Jets Fleet+Backlog)
Low Cost Carriers
• Right-sizing
• New markets
• New markets
• Right-sizing
• Natural Growth
• Right-sizing
EE--Jets efficiency in all business modelsJets efficiency in all business models
EE--Jets Market AcceptanceJets Market Acceptance
13
EE--Jets DeploymentJets Deployment
World
8%
21%
8%
21%
21%
Natural Growth
29%
6%
29%
6%
20%20% 7%8%7%8%
5%5%
7%
32%
7%
32%
11%11%
50%
Right-sizing
North
America
57%
8%
North
America
57%
8%
Europe
40%
Europe
40%
Latin
America
49%
Latin
America
49%
Africa
52%
Africa
52%
Middle East
62%
5%
Middle East
62%
5%
C hina
12%
C hina
12%
Asia Pacific
50%
11%
Asia Pacific
50%
11%8%8%
14%14%
New Markets
6%6%
20%31%20%31%
5%
33%
5%
33%
49%49%
39%39%
20%
8%8%
Replacementof old Jets
25%25%
33%
7%
33%
7%
7%7%
9%
14
EE--Jets Helping Reduce Costs and Fuel BurnJets Helping Reduce Costs and Fuel Burn
Fuel Burn
15
Nearly 1,000 aircraft with more than 15 years old
(Jets 61-120 seats)
World Replacement OpportunitiesWorld Replacement Opportunities
16
Air Transport Demand Air Transport Demand -- IATAIATA
-14
-12
-10
-8
-6
-4
-2
0
2
4
6
8
10
12
Jan
-07
Mar-
07
May-0
7
Ju
l-07
Sep
-07
No
v-0
7
Jan
-08
Mar-
08
May-0
8
Ju
l-08
Sep
-08
No
v-0
8
Jan
-09
Mar-
09
May-0
9
Ju
l-09
Sep
-09
No
v-0
9
Jan
-10
Mar-
10
May-1
0
Ju
l-10
Sep
-10
No
v-1
0
Jan
-11
Air travel rebounded after being depressed by severe
winter weather conditions in Europe and North America
7.4% 1.6 % -3.5% 8.2%
World – International RPK Growth Rate (% yoy)
IcelandVolcano
Economic Recession
LehmanBrothers
Bankrupcy
8%
17
Airline Financial Results Airline Financial Results -- WorldWorld
High fuel prices squeeze airline profits despite better economic outlook2011F net profit of US$8.6bi, down from US$9.1bi in last December forecast
Net Profit/Loss (US$ billion)
-20
-15
-10
-5
0
5
10
15
20
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
E
20
11
F
Ne
t P
rofi
t/L
os
s (
US
$ B
illio
n)
-8
-6
-4
-2
0
2
4
6
8
Ne
t M
arg
in (
%)
Net Profit Net Loss Net Margin
Region 2009 2010E 2011F
Africa - 0.1 0.1 0.0
Asia Pacific - 2.7 7.6 3.7
Europe - 4.3 1.4 0.5
Latin America 0.5 1.0 0.3
Middle East - 0.6 1.1 0.7
North America - 2.7 4.7 3.2
World - 9.9 16.0 8.6
Around 6,875 jet deliveries (30-120 seats) in the next 20 years (US$ 200 bi)
18
Embraer Market Forecast (2010Embraer Market Forecast (2010--2029)2029)
North
America
84032%
North
America
2,40035%
Latin
America
31512%
Latin
America
5758%
Europe
58022%
Europe
1,51022%
Russia / CIS
1556%
Russia / CIS
4056%
Africa
803%
Africa
2203%
Middle East
1054%
Middle East
2404%
Asia Pacific
2108%
Asia Pacific
5758%
China
34013%
China
95014%
Projected Deliveries - Jets
Market Segment
(Seats)
2010 – 2019
Deliveries
30-60 60
61-90 1,015
91-120 1,550
30-120 2,625
Market Segment
(Seats)
2010 – 2029
Deliveries
30-60 475
61-90 2,515
91-120 3,885
30-120 6,875
• Scope Clauses relaxation allowing 80-seater aircraft as a natural growth of RJ50s in the US
• Right-sizing of narrow-body operations
• Regional aviation development in Emerging Markets
• Acceleration of replacement of old & inefficient jets
19
MRJ70
MRJ90
ARJ21
E195
E190
E175
E170
SSJ100/95
CS100
60
70
80
90
100
110
120
1800 2000 2200 2400 2600 2800 3000 3200
Se
at
Ca
pa
cit
y (3
2''
pit
ch
)
Range (nm)
110 Seats
100 Seats
70-90 Seats
Competitive Scenario
EE--Jets vs. New EntrantsJets vs. New Entrants
20
PrePre--Owned ERJ TransactionsOwned ERJ Transactions
More than 200 ERJ transactions since 2000
BMI – United Kingdom
FinnComm - Finland
Satena - Colombia
Air Namibia - Namibia
Republic - USA
Dniproavia - Ukraine
City Airline - Sweden
South African Airlink - USA
Passaredo - Brazil
Aeromexico Connect - Mexico
Diexim Expresso - Angola
Air26 - Angola
22
Product PortfolioProduct Portfolio
Large
Aircraft Model
Phenom 100
Phenom 300
Legacy 450
Legacy 500
Legacy 600
Lineage 1000
Seats / Range
4 / 1,160 nm
6 / 1,800 nm
4 to 8 / 2,200 to 2,300 nm
4 to 8 / 2,800 to 3,200 nm
10 to 14 / 3,250 nm
13 to 19 / 4,400 to 4,500 nm
Entry
Light
Mid-light
Mid-size
Ultra-large
Super Mid-Size
Certified: 2008
Certified: 2009
Expected Certification: 2013
Certified: 2001
Certified: 2008
Expected Certification: 2012
Ultra-Long Range
Competitors
• Cessna - MustangCJ1+
• Cessna - CJ3• Hawker - H400XP
• Bombardier -Lear 60XR
• Cessna - XLS+
• Cessna - Sovereign• Hawker - H900XP
• Bombardier -Challenger 300/605
• Dassault – Falcon2000EX/LX
• Airbus - A318 Elite
Legacy 650 10 to 14 / 3,900 nmCertified: 2010
• Bombardier –Global XRS
• Gulfstream – G550
Fleet in OperationFleet in Operation
23
Legacy 600/650 >190 a/c
Lineage 1000 / 170 Shuttle>10 a/c
Phenom 100 ~200 a/c
Phenom 300 ~30 a/c
24
25% 24% 22% 21% 20%
33% 35% 37% 40%33%
7% 7% 7% 6%
9%
12% 13% 13% 14%
11%
2.7% 3.1% 3.5% 3.3%14%
19% 16% 16% 14% 11%
2% 3% 2% 1% 2%
2005 2006 2007 2008 2009
% O
EM
Sh
are
–T
ota
l u
nit
s
749 885 1,040 1,154 870
Market ShareMarket Share
OthersHawker-BeechEmbraer Gulfstream
Dassault
Cessna
Bombardier
Deliveries share (units)Revenue share (US$ - based on B&CA list prices)
Market Deliveries 2010: 763 units.
Embraer Deliveries: 145 units.
Market Revenue 2010: $18.2 Bi.
Embraer Revenue: $1.1 Bi.
30% 29% 28% 29% 28%
16% 16% 17% 18%12%
11% 11% 12% 12%18%
23% 23% 23% 24% 21%
3.5% 3.9% 4.7% 4.2% 6.5%10% 9% 8% 8% 8%
5% 8% 6% 5% 6%
2005 2006 2007 2008 2009
% O
EM
Sh
are
–T
ota
l R
ev
en
ue
s U
S$
$13.2Bi $16.6Bi $19.3Bi $22.2Bi $17.2Bi
2010
763
7%
2010
$18.2Bi
19%
27%
7%
22%
21%
6%
10%
20%
23%
12%
13%
10%
3%
Industry Deliveries (units)
20112011--20 Market Forecast World Deliveries20 Market Forecast World Deliveries
0
40
80
120
160
200
240
2000-10 2011-20
US$ 169.6 Bi(9,029 jets)
US$ 210 Bi(10,000 jets)
Historic Forecast
Industry Revenues
More than 10,000 jets: US$ 210 billion over the next 10 years
25
0
200
400
600
800
1.000
1.200
1.400
1.600
I II III I I II III I I II III I I II III I I II III I I II III I I II III
2004 2005 2006 2007 2008 2009 2010
bill
ion
s o
f do
llars
U.S. Corporate ProfitsU.S. Corporate Profits
Financial
Nonfinancial
2007 avg
Low
Current
+100%
+10%
Global Stock Markets return %
Highlighted area: >10% overall drop
Stock MarketsStock Markets
SSE Composite (China)
IBOVESPA (Brazil)
S&P500 (US)
FTSE100 (UK)
RTS (Russia)
28
Business Jets TrafficBusiness Jets Traffic
US/FAA Bizjet Flight Activity
European Bizjet Flight Activity
20052007
20062004
2008
2009
2010
130
140
150
160
170
180
190
200
210
220
230
Jan
Feb Mar
Apr
May Ju
n
Jul
Aug
Sep Oct
Nov
Dec
2011
2005
2007
2006
2004
20082009
25
30
35
40
45
50
55
60
Jan
Feb Mar
Apr
May Ju
n
Jul
Aug
Sep Oct
Nov
Dec
20102011
29
PrePre--owned Inventory: Recoveringowned Inventory: Recovering
Business Jets For Sale
0
500
1000
1500
2000
2500
3000
3500
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
99 00 01 02 03 04 05 06 07 08 09 10 11
Un
its
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
22%
24%
26%
28%
% o
f act
ive
fleet
Fleet up to 5 yrs and positions Positions
Fleet up to 5 yrs Fleet from 6 to 10 yrs
Fleet older than 10 yrs % for sale (per total active fleet)
up to 10 yrs % for sale
2008: Net increase of 1100 a/c
2009: Net increase of 33 a/c
2010: Net decrease of 155 a/c
2011: Net decrease of 94 a/c
14.2%
2555 jets
9.3%
761 jets
31
Defense and Security PortfolioDefense and Security Portfolio
Advanced Training and
Light AttackTransport of AuthoritiesISR (Intelligence, Surveillance
and Reconnaissance)
Modernization Programs Command and Control Systems
Military Tactical Transport
Services
32
Worldwide PresenceWorldwide Presence
Angola
Belgium
Brazil
Niger
France
Gabon
India
Paraguay
Mexico
Peru
Chile
Colombia
Honduras
Uruguay
Argentina
Greece
Italy
Nigeria
EcuadorEquatorial Guinea
Pakistan
Thailand
Dominican Rep.
Panama
United States United Kingdom¹
Kuwait¹
Mauritania
Kenya¹
Togo
Germany
Portugal
Spain
Sweden
Luxembourg
Chad
Libya
Egypt
Tunisia
Embraer Defense and Security is present in more than 40 countries.
Canada
Switzerland
Venezuela
Indonesia
Super TucanoSuper Tucano
33•Ref.: March, 2011
• Firm orders: 180 aircraft
• Brazil: 99
• Colombia: 25
• Dominican Republic: 8
• Chile: 12
• Ecuador: 18
• Indonesia: 8
• XE Aviation: 1
• Undisclosed: 9
• Deliveries: 152 aircraft
• To be delivered: 28 aircraft
• Prospects:
• Latin America
• South East Asia
• USA
• Africa
• Towards the end of the “Initial Definition Phase”
• Market Forecast 2025: 700 aircraft / US$ 50+ bi
• New tactical military transport aircraft
• Payload: 23 ton / Range: 1400 nm
• Brazil, Chile, Colombia, Portugal, Czech Republic and Argentina signed LOI for up to 60 KC-390 aircraft.
Length: 33.81 m (110.9 ft)
Wingspan: 35.06 m (115.0 ft)
Height: 10.26 m (33.7 ft)
EMBRAER KCEMBRAER KC--390390
34
35
KCKC--390 Master Schedule390 Master Schedule
Wind Tunnel Testing
PDR CDR
Preliminary DesignPhase - PD
Initial Definition Phase - IDP
Joint Definition Phase - JDP
Detailed Design and Certification PhaseDDP
2009 2010 2011 2012 2013 2014 2015 2016
Loads CalculationLoads Calculation
Structures CalcStructures Calc
DrawingsDrawings
Tooling Tooling
Prototypes
1 2
IOC IOC
FOC FOC
Structural Testing Structural Testing
Partnership and Supplier Procurement
Wind Tunnel Testing
PDR CDR
Preliminary DesignPhase - PD
Initial Definition Phase - IDP
Joint Definition Phase - JDP
Detailed Design and Certification PhaseDDP
2009 2010 2011 2012 2013 2014 2015 2016
Loads CalculationLoads Calculation
Structures CalcStructures Calc
DrawingsDrawings
Tooling Tooling
Prototypes
1 2
IOC IOC
FOC FOC
Structural Testing Structural Testing
Partnership and Supplier Procurement
Program running on schedule, in final phase of main partners selection
and geared-up for full-scale development.
Financial Results IFRSFinancial Results IFRS
37
Net Revenues / SG&A ExpensesNet Revenues / SG&A Expenses
Net Revenues - US$ Million
Net Revenues Gross Margin
2009
2010
5,498
5,364
19.5%
19.1%
1,0441,358
1,630
992
1,970
4Q09 1Q10 2Q10 3Q10 4Q10
93 86 94 89
55
35
49 53
61
106
4Q09 1Q10 2Q10 3Q10 4Q10
142
167
121
143
SG&A Expenses - US$ Million
2009
2010
Selling ExpensesG&A Expenses
191
198
305
374
148
38
Income from Operations / EBITDAIncome from Operations / EBITDA
EBIT EBIT Margin
Income from Operations - US$ Million
2009
2010
379
392
6.9%
7.3%
71
122
66
39
132
6.4% 6.7%9.0%7.2%
2.4%
4Q09 1Q10 2Q10 3Q10 4Q10
EBITDA EBITDA Margin
EBITDA - US$ Million
2009
2010
609
611
10.0%
11.4%
105 117
166131
197
6.4%
12.2%11.8%
12.5% 10.0%
4Q09 1Q10 2Q10 3Q10 4Q10
39
Net Margin
Net Income / Free Cash FlowNet Income / Free Cash Flow
Net Income
Net Income - US$ Million
2009
2010
465
330
8.5%
6.2%
95
24
57
126 123
4.2% 6.2%5.8%
12.1%
2.4%
4Q09 1Q10 2Q10 3Q10 4Q10
Free Cash Flow - US$ Million
2009
2010
31
287
383
(60)
193
(66)
220
4Q09 1Q10 2Q10 3Q10 4Q10
40
Indebtedness Profile / Net CashIndebtedness Profile / Net Cash
Total Debt 4Q10: US$ 1.43 Billion
Long-term Short-term
Loans Average Maturity (Years)
Indebtedness Maturity
Total Cash 4Q10: US$ 2.13 Billion
488 444
652 618692
4Q09 1Q10 2Q10 3Q10 4Q10
78%
94%
29% 26%
95%
71%74%
5%6%
22%
6.36.15.8
4.9 5.0
4Q09 1Q10 2Q10 3Q10 4Q10
Net Cash - US$ Million
2011 Outlook IFRS2011 Outlook IFRS
0.05 0.15
0.100.40
0.7 14%
0.6 11%
1.2 20%
3.1 55%
42
Net Revenues US$ 5.36 billion US$ 5.60 billion~5%
Commercial aviation
Executive aviation Aviation services and others
Defense and security
US$ Billion
2011 Outlook2011 Outlook
2011 Outlook2011 Outlook2010 Results2010 Results
43
US$ 611 millionEBITDA
EBITDA Margin 11% 11%
US$ 610 million
7.5%
US$ 420 million~7%US$ 392 millionEBIT
EBIT Margin 7.3% ~3%
2011 Outlook2011 Outlook
2011 Outlook2011 Outlook2010 Results2010 Results
44
* Product development costs are differed and amortized upon aircraft delivery.** 2010 result and 2011 estimate in IFRS.
2011 Outlook2011 Outlook
2011 Outlook2011 Outlook2010 Results2010 Results
US$ Million
CAPEX
R&D
Investment / Revenue197
144 151
30091
235
104 74
200
113
260
209
5%
7%
9%9%
4%5%
2006 2007 2008 2009 2010** 2011E**
Research
Development *
US$ 72 million
US$ 79 million US$ 210 million
US$ 90 million
CAPEX US$ 74 million US$ 200 million
Corporate Information
Corporate InformationCorporate Information
10th anniversaries: NYSE Euronext listing.
Presence in China, Singapore and GPX.
46
Embraer elected for the 2nd consecutive year, one
of the best companies to work for in Brazil.
2010 Accomplishments2010 Accomplishments
Embraer selected as Gold Class on
the DJSI and also on the ISE.
47
Lean Results: ELean Results: E--Jets Final Assembly Jets Final Assembly
Line TransformationLine Transformation
“Dock” layout - 2008 Assembly Line – 2009 Assembly Line – 2011
0
0
68
8
4
Mar/11 (10ac/month)
00,21,51,510Over time (% of work hours)
001,7732Number of non-conformity per a/c
688995106212Work in process (US$mi)
78101218Cycle time (days)
445612Number of positions
Out/11 (12ac/month)
June/2010 (8ac/month)
Sep/2009 (10ac/month)
July/2009 (10ac/month)
May/2008 (15ac/month)
Performance indicators
0
0
68
8
4
Mar/11 (10ac/month)
00,21,51,510Over time (% of work hours)
001,7732Number of non-conformity per a/c
688995106212Work in process (US$mi)
78101218Cycle time (days)
445612Number of positions
Out/11 (12ac/month)
June/2010 (8ac/month)
Sep/2009 (10ac/month)
July/2009 (10ac/month)
May/2008 (15ac/month)
Performance indicators
48
Automation JourneyAutomation Journey
49
Automation Initiatives 2010Automation Initiatives 2010
Automation initiatives continues in 2011…
50
Looking to the Future Looking to the Future -- Lean Design Lean Design
Process and product development
Lean Design
Optimize product value, prevent waste in the production processMinimum number of parts, low complexity of parts,
product maturity, appropriate accuracy, less variability in the project, etc..
Lean Manufacturing
Transport, storage,motion, waiting,overproduction,defects waste elimination
Potentiates
RWK
51
Sustainability InitiativesSustainability Initiatives
Brazilian Alliance for Bio-fuel
Reforestation Projects
ISO 14001 and OHSAS 18001 Certifications
Social, Environmental and Economic DimensionsSocial, Environmental and Economic Dimensions
1st ethanol powered aircraft in the World
IpanemaRecycling
Corporate ValuesGreener Technology
Social Activities
52
People DevelopmentPeople Development
Graduate
31%
Postgrad
5% Ph.D.
2%
High
School
62%
47477274307274301549215492TotalTotal
337425225Intern
13105583Pilots
4627622606Administrative
56862291530Professional
271973247279Operational
701344981908Technician
782404393102Engineering
4332768759Leadership
Per capital hoursHoursTrained EmployeesCategory
Trainings / Professional CategoryTrainings / Professional Category
47477274307274301549215492TotalTotal
337425225Intern
13105583Pilots
4627622606Administrative
56862291530Professional
271973247279Operational
701344981908Technician
782404393102Engineering
4332768759Leadership
Per capital hoursHoursTrained EmployeesCategory
Trainings / Professional CategoryTrainings / Professional Category
•• 109.835 Attendances109.835 Attendances
•• 727.430 hours727.430 hours•• Total investment:Total investment:
R$ 5.465.878,00R$ 5.465.878,00
Identify and Nurturing of newly graduated talents 14 Classes concluded (1031 attendees)
53
Corporate GovernanceCorporate Governance
Nov/2010
54
723,665,044 Voting Shares723,665,044 Voting Shares
Ownership StructureOwnership Structure
February, 2011
NYSE OTHERS
36.8%
OPPENHEIMER
FUND'S
7.2%
THORNBURG
INVESTMENT
6.3%
BM&FBOVESPA
OTHERS
25.2%
BNDESPAR
5.5%
PREVI
12.8%GRUPO
BOZANO
6.0%
NYSE
50.4% 49.6%
BM&FBOVESPA
55
EPADS and Pay OutEPADS and Pay Out
Pay OutEPADS
2006-2008: US GAAP2009-2010: IFRS*
2.11
2.64 2.14
2.57
1.83
53% 68% 52%
26% 34%
2006 2007 2008 2009* 2010*
56
Dividend YieldDividend Yield
Percentage (%)
2006-2008: US GAAP2009-2010: IFRS
2.012.91
4.34
3.28
2.23
2006 2007 2008 2009 2010
57
58
Forward Looking StatementForward 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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