<SEC-DOCUMENT>0001292814-17-000489.txt : 20170309
<SEC-HEADER>0001292814-17-000489.hdr.sgml : 20170309
<ACCEPTANCE-DATETIME>20170309132605
ACCESSION NUMBER:		0001292814-17-000489
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20161231
FILED AS OF DATE:		20170309
DATE AS OF CHANGE:		20170309

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EMBRAER S.A.
		CENTRAL INDEX KEY:			0001355444
		STANDARD INDUSTRIAL CLASSIFICATION:	AIRCRAFT [3721]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15102
		FILM NUMBER:		17677728

	BUSINESS ADDRESS:	
		STREET 1:		AV. BRIGADEIRO FARIA LIMA 2170
		CITY:			SAO JOSE DOS CAMPOS
		STATE:			D5
		ZIP:			12227901
		BUSINESS PHONE:		551239274404

	MAIL ADDRESS:	
		STREET 1:		AV. BRIGADEIRO FARIA LIMA 2170
		CITY:			SAO JOSE DOS CAMPOS
		STATE:			D5
		ZIP:			12227901

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Embraer - Empresa Brasileira de Aeronautica S.A.
		DATE OF NAME CHANGE:	20070329

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Embraer - Empresa Brasileira de Aeron?utica S.A.
		DATE OF NAME CHANGE:	20070329

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EMPRESA BRASILEIRA DE AERONAUTICA S.A.
		DATE OF NAME CHANGE:	20060403
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>embraer4q16_6k.htm
<DESCRIPTION>EMBRAER4Q16_6K
<TEXT>

<HTML>
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   <TITLE>embraer4q16_6k.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<P style="TEXT-ALIGN: center; MARGIN: 4pt 0in 0pt; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 18pt" face="Times New Roman">____________________________________________________</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 4pt 0in 0pt; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 18pt" face="Times New Roman">UNITED STATES </FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 18pt" face="Times New Roman">SECURITIES AND EXCHANGE COMMISSION </FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 150%" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Washington, D.C. 20549 </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 18pt" face="Times New Roman">_______________________</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 18pt" face="Times New Roman">FORM 6-K </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 0pt; LINE-HEIGHT: 150%" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">__________________________________</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 0pt; LINE-HEIGHT: 150%" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Report of Foreign Private Issuer </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 150%" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Pursuant to Rule 13a-16 or 15d-16 </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 150%" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">under the Securities Exchange Act of 1934 </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">For the month of March 2017 </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Commission File Number: 001-15102 </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 0pt; LINE-HEIGHT: 150%" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">__________________________________</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 24pt" face="Times New Roman">Embraer S.A. </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 0pt; LINE-HEIGHT: 150%" align=center><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman">__________________________________</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 0pt" align=center><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">Av. Brigadeiro Faria Lima, 2170</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 0pt" align=center><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 0pt" align=center><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">12227-901 S&#227;o Jos&#233; dos Campos, S&#227;o Paulo, Brazil </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(Address of principal executive offices) </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 0pt; LINE-HEIGHT: 150%" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">__________________________________</FONT></P>

<P style="MARGIN: 6pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: </FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Form 20-F </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>x</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> Form 40-F </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>&#168;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></P>

<P style="MARGIN: 12pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>&#168;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></P>

<P style="MARGIN: 12pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>&#168;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></P>

<P>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#262626 face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#262626 face=Arial,sans-serif>HIGHLIGHTS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 35.85pt; TEXT-JUSTIFY: inter-ideograph; LINE-HEIGHT: 11.5pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#404040 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.1pt" color=#404040 face=Arial,sans-serif>In 4Q16, Embraer delivered 32 commercial and 43 executive (25 light and 18 large) jets. The Company ended 2016 with 108 total commercial aircraft deliveries and 117 executive (73 light and 44 large) jet deliveries, both meeting their respective Guidance for 2016;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 35.85pt; TEXT-JUSTIFY: inter-ideograph; LINE-HEIGHT: 11.5pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#404040 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.1pt" color=#404040 face=Arial,sans-serif>Revenues in 4Q16 reached US$ 2,027.8 million and in 2016 were US$ 6,217.5 million, slightly above the Company&#8217;s 2016 Revenue Guidance range of US$ 5.8 to US$ 6.2 billion</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 35.85pt; TEXT-JUSTIFY: inter-ideograph; LINE-HEIGHT: 11.5pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#404040 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>EBIT and EBITDA</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>margins were 13.6% and 18.7%, respectively, in 4Q16, and for fiscal year 2016 the EBIT and EBITDA margins were 3.3% and 8.6%, respectively. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 35.85pt; TEXT-JUSTIFY: inter-ideograph; LINE-HEIGHT: 11.5pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#404040 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>During 4Q16 and 2016, the Company had several non-recurring items related to the Republic Airways bankruptcy, the voluntary dismissal program, and finalization of the FCPA investigation. Excluding these non-recurring items, adjusted EBIT and EBITDA margins in 4Q16 were 12.1% and 17.2%, respectively. For 2016 adjusted EBIT and EBITDA margins were 8.0% and 13.3%, respectively. Adjusted EBIT and EBITDA margins met their Guidance of 7.0% to 8.0% and 12.7% to 13.5% for 2016, respectively;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 35.85pt; TEXT-JUSTIFY: inter-ideograph; LINE-HEIGHT: 11.5pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#404040 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>Free Cash Flow adjusted for non-recurring cash impacts was positive in 4Q16, at US$ 285.0 million, while 2016 Adjusted Free Cash Flow was negative, at US$ (359.2) million. Adjusted Free Cash Flow met the Company&#8217;s guidance for usage of US$ (400) million or better for 2016;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 35.85pt; TEXT-JUSTIFY: inter-ideograph; LINE-HEIGHT: 11.5pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#404040 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>4Q16 Net income attributable to Embraer Shareholders and Earnings per ADS were US$ 195.2 million and US$ 1.06 per ADS (US$ 209.1 million and US$ 1.14 per ADS excluding deferred tax and non-recurring items). In 2016 Net income attributable to Embraer Shareholders and Earnings per ADS were US$ 166.1 million and US$ 0.90 per ADS (US$ 290.5 million and US$ 1.58 per ADS excluding items);</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 35.7pt; TEXT-JUSTIFY: inter-ideograph; LINE-HEIGHT: 11.5pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#404040 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>Embraer releases 2017 Guidance for total revenues of US$ 5.7 to US$ 6.1 billion, driven by expected deliveries of 97 to 102 jets in Commercial Aviation and 105 to 125 total jet deliveries in Executive Jets. Consolidated EBIT margin is expected to be within a range of 8.0% to 9.0%, and Guidance for Free Cash Flow is for a usage of US$ (150) million or better for 2017. Further Guidance details are on page 10.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 17.85pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#262626 face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 17.85pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#262626 face=Arial,sans-serif>Main financial indicators</FONT></B><SUP> <B><U><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: uppercase" color=white face=arial,sans-serif>[2]</FONT></U></B></SUP></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0cm 18pt; TEXT-JUSTIFY: inter-ideograph" align=center>&nbsp;</P>

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<TR vAlign=bottom>

   <TD colSpan=6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>in millions of U.S dollars, except % and earnings per share data</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #595959; TEXT-INDENT: 0pt" vAlign=middle rowSpan=2 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>IFRS</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #595959; TEXT-INDENT: 0pt" align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #595959; TEXT-INDENT: 0pt" align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #595959; TEXT-INDENT: 0pt" align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #595959; TEXT-INDENT: 0pt" align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2)</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #595959; TEXT-INDENT: 0pt" align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2)</FONT></B>&nbsp;</TD></TR>

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   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q16</FONT></B></TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT size=1 face=Arial>4</FONT>Q15</FONT></B></TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2015</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2016</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 2.041pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Revenue</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,514.3</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,074.4</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.599pt" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,027.8</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>5,928.1</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>6,217.5</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.041pt" bgColor=#e6e6e6 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>EBIT</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(28.9)</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>65.3</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 7.199pt" bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>276.6</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>331.5</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>206.0</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 2.041pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>EBIT Margin %</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-1.9%</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3.1%</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6.599pt" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>13.6%</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>5.6%</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3.3%</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 2.041pt" bgColor=#e6e6e6 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Adjusted EBIT</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>94.7</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>166.2</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 7.199pt" bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>246.1</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>432.4</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>499.1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.041pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Adjusted EBIT Margin %</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>6.3%</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>8.0%</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6.599pt" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>12.1%</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>7.3%</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>8.0%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.041pt" bgColor=#e6e6e6 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>EBITDA</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>54.3</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>150.7</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 7.199pt" bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>378.5</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>614.5</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>536.1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.041pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>EBITDA Margin %</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3.6%</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>7.3%</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6.599pt" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>18.7%</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>10.4%</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>8.6%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.041pt" bgColor=#e6e6e6 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Adjusted EBTIDA</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>177.9</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>251.6</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 7.199pt" bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>348.0</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>715.4</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>829.2</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 2.041pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Adjusted EBTIDA Margin %</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>11.7%</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>12.1%</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6.599pt" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>17.2%</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>12.1%</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>13.3%</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 2.041pt" bgColor=#e6e6e6 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Adjusted Net Income </FONT><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>2</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>38.9</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>29.7</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 7.199pt" bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>209.1</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>272.0</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>290.5</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 2.041pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Net income (loss) attributable to Embraer Shareholders</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(33.7)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>111.2</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 7.199pt" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>195.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>69.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>166.1</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 2.041pt" bgColor=#e6e6e6 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Earnings (losses) per share - ADS basic (US$)</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(0.1848)</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.6091</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3pt" bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.0634</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.3787</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.9032</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2.041pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Net Cash (debt)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(652.7)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>7.2</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(574.7)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>7.2</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(574.7)</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 2.041pt" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(1) Derived from unaudited financial information.</FONT></I>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 2.041pt" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(2) Derived from audited financial information.</FONT></I>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 17.85pt"><FONT style="VERTICAL-ALIGN: super" face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 6pt" color=#404040 face=arial,sans-serif>1</FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" color=#404040 face=Arial,sans-serif> EBIT and EBITDA are non-GAAP measures. For more detailed information please refer to page 12.</FONT></P><FONT lang=PT-BR></FONT></DIV>

<DIV id=ftn2><FONT lang=PT-BR></FONT>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT style="VERTICAL-ALIGN: super" face="Times New Roman"><FONT style="VERTICAL-ALIGN: 0px" face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 6pt" color=#404040 face=arial,sans-serif>2</FONT></FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" color=#404040 face=Arial,sans-serif>Adjusted Net Income is a non-GAAP measure, calculated by adding Net Income attributable to Embraer Shareholders plus Deferred income tax and social contribution for the period, in addition to adjusting for non-recurring items. Under IFRS for Embraer&#8217;s Income Tax benefits (expenses) the Company is required to record taxes resulting from unrealized gains or losses due to the impact of changes in the <I>Real</I> to US Dollar exchange rate over non-monetary assets (primarily Inventory, Intangibles, and PP&amp;E). The taxes resulting from gains or losses over non-monetary assets are considered deferred taxes and are accounted for in the consolidated Cash Flow statement, under Deferred income tax and social contribution, which was US$ (148.1) million in 4Q15, US$ 26.4 million in 4Q16 and US$ (146.5) million in 2016. Adjusted Net Income also excludes the after-tax non-recurring items of US$ (66.6) million in 4Q15 and 2015, and total net non-recurring items of US$ 12.5 million in 4Q16 and US$ (270.9) million in 2016.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=#262626 face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=#262626 face=Arial,sans-serif>S&#227;o Jos&#233; dos Campos, March 9, 2017</FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif> </FONT></B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>- (BM&amp;FBOVESPA: EMBR3, NYSE: ERJ). </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>The Company's operating and financial information is presented, except where otherwise stated, on a consolidated basis in United States dollars (US$) in accordance with IFRS. The financial data presented in this document as of and for the quarters ended December 31, 2015 (4Q15), September 30, 2016 (3Q16) and December 31, 2016 (4Q16), are derived from the unaudited financial statements, except annual financial data and where otherwise stated. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#262626 face=Arial,sans-serif>REVENUES and gross margin</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>During 4Q16, Embraer delivered 32 commercial and 43 executive aircraft (25 light jets and 18 large jets), for a total of 108 commercial and 117 executive aircraft (73 light jets and 44 large jets) delivered in 2016. This compares with a total of 33 commercial and 45 executive aircraft (25 light jets and 20 large jets) delivered in 4Q15 and 101 commercial and 120 executive aircraft (82 light jets and 38 large jets) delivered in 2015. Total revenues in 4Q16 declined 2.2% to US$ 2,027.8 million, largely driven by a slight decrease in aircraft deliveries. For the year, revenues increased 4.9% to US$ 6,217.5 million, driven by a combination of higher deliveries of commercial jets during the year and revenue growth of 15.0% in the Defense &amp; Security segment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>Consolidated gross margin increased from 16.9% in 4Q15 to 20.1% in 4Q16, largely due to a combination of improved profitability in the Executive Jets segment on production efficiencies and a slightly more favorable delivery mix in the quarter, as well as better gross margin in the Defense &amp; Security segment, which did not have negative cost base revisions from foreign exchange variation in 4Q16. The Company&#8217;s 2016 gross margin was also higher at 19.9% versus gross margin of 18.7% in 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#262626 face=Arial,sans-serif>EBIT</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 18pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: none; FONT-WEIGHT: normal" color=#404040 face=Arial,sans-serif>EBIT and EBIT margin in 4Q16 were US$ 276.6 million and 13.6%, respectively, rising from the US$ 65.3 million in EBIT and 3.1% EBIT margin reported in 4Q15. For the full year, EBIT in 2016 was US$ 206.0 million as compared to US$ 331.5 million in 2015, yielding as reported EBIT margins of 3.3% and 5.6%, respectively. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 18pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: none; FONT-WEIGHT: normal" color=#404040 face=Arial,sans-serif>The reported quarterly and annual results include several non-recurring items that impacted operating results in both the current and year-ago periods. Regarding the quarterly results comparison, 4Q16 operating income included a net positive impact of US$ 30.5 million, comprised of: 1) a positive impact of US$ 52.2 million related to favorable developments in ongoing negotiations with Republic Airways Holdings (Republic) following its Chapter 11 filing in February 2016; 2) a net US$ 0.8 million provision reversal relating to the Company&#8217;s voluntary dismissal program; and 3) a negative impact of US$ 22.5 million related to taxes on remittances executed for payments following the finalization of the FCPA investigation. The 4Q15 operating results included non-recurring provisions totaling US$ 100.9 million following the filing of Chapter 11 by Republic. Excluding these non-recurring items, 4Q16 Adjusted EBIT and EBIT margin were US$ 246.1 million and 12.1%, respectively. This compares to 4Q15 Adjusted EBIT of US$166.2 million and Adjusted EBIT margin of 8.0%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 18pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: none; FONT-WEIGHT: normal" color=#404040 face=Arial,sans-serif>Full-year 2016 results also included several non-recurring items in addition to those recognized in 4Q16 mentioned above, which were booked in 2Q16 and 3Q16. They include a total of US$205.5 million in charges related to the finalization of the investigation into non-compliance with the U.S. FCPA (recognized in 2Q16 and 3Q16), and US$ 118.1 million (recognized in 3Q16) of provisions for benefits to be paid related to the Company&#8217;s voluntary dismissal program. Excluding the US$ 293.1 total of net non-recurring items in 2016, Adjusted EBIT was US$ 499.1 million and Adjusted EBIT margin was 8.0%, both meeting the Company&#8217;s 2016 Guidance for Adjusted EBIT of US$ 405 to US$ 500 million and Adjusted EBIT margin of 7.0 &#8211; 8.0%. Adjusted EBIT and EBIT margin for 2015 were US$ 432.4 million and 7.3%, respectively.</FONT></P>

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   <TD colSpan=8 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>in millions of U.S.dollars</FONT>&nbsp;</TD></TR>

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   <TD style="BACKGROUND-COLOR: #595959; TEXT-INDENT: 0pt" vAlign=middle rowSpan=2 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ADJUSTED EBIT RECONCILIATION</FONT></B></TD>

   <TD style="TEXT-INDENT: 0.479pt" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.479pt" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2)</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 2.519pt" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.479pt" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5.399pt" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2)</FONT></B>&nbsp;</TD></TR>

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   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4Q15</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2015</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q16</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 7.32pt" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2016</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Operating profit (loss) before financial income (EBIT)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>65.3</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>331.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>85.7</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(127.4)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(28.9)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4.92pt" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>276.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>206.0</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Provision for voluntary redundancy scheme</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>118.1</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.839pt" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(0.8)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>117.3</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Impact of Penalty Provision</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>200.0</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>5.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>22.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>228.0</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Provisions for financial guarantees related to Republic</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6.36pt" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(52.2)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(52.2)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjusted EBIT</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>166.2</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>432.4</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>85.7</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>72.6</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>94.7</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4.92pt" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>246.1</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>499.1</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Adjusted EBIT Margin %</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>8.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>7.3%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>6.5%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>5.3%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>6.3%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4.44pt" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>12.1%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>8.0%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(1) Derived from unaudited financial information.</FONT></I>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(2) Derived from audited financial information.</FONT></I>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 18pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: none; FONT-WEIGHT: normal" color=#404040 face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 18pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: none; FONT-WEIGHT: normal" color=#404040 face=Arial,sans-serif>Administrative expenses for 4Q16 were US$ 44.0 million, down from the US$ 49.6 million reported in 4Q15, and for fiscal year 2016 administrative expenses were US$ 164.3 million compared to US$ 182.0 million in 2015. Selling expenses of US$ 81.4 million in 4Q16 were lower than the US$ 96.9 million of expenses in 4Q15, and were slightly up in fiscal year 2016 at US$ 368.6 million versus US$ 361.6 million in 2015. The declines in administrative and selling expenses reflect Embraer&#8217;s recently announced cost reduction program, particularly in 4Q16, despite a less favorable average US dollar to Brazilian </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: none; FONT-WEIGHT: normal" color=#404040 face=Arial,sans-serif>Real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: none; FONT-WEIGHT: normal" color=#404040 face=Arial,sans-serif>exchange rate in the period. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 18pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: none; FONT-WEIGHT: normal" color=#404040 face=Arial,sans-serif>4Q16 research expenses of US$ 18.8 million were above the US$ 14.9 million recognized in 4Q15, largely due to the lower average exchange rate of the US dollar versus the Brazilian </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: none; FONT-WEIGHT: normal" color=#404040 face=Arial,sans-serif>Real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: none; FONT-WEIGHT: normal" color=#404040 face=Arial,sans-serif> in 4Q16. In 2016, total research expenses were US$ 47.6 million, as compared to US$ 41.7 million in 2015, and were in line with the Company&#8217;s Guidance of US$ 50 million in research expenses for 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 18pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: none; FONT-WEIGHT: normal" color=#404040 face=Arial,sans-serif>Other operating income (expense), net contained several non-recurring items in both the quarterly and annual results, as described above. Excluding these non-recurring items of a total net positive impact of US$ 30.5 million in 4Q16 and a total net negative impact of US$ 100.9 million in 4Q15, adjusted other operating income (expense), net in 4Q16 was an expense of US$ 16.8 million, as compared to expense of US$ 21.8 million in 4Q15. For the full year, excluding non-recurring items of a total net negative impact of US$ 293.1 million in 2016 and a total net negative impact of US$ 100.9 million in 2015, adjusted other operating income (expense), net was an expense of US$ 156.9 million in 2016 vs. an expense of US$ 93.3 million in 2015. The principal drivers of this increase were impairments on our portfolio of used commercial aircraft, taxes related to remittances, and expenses related to the closure of our Chinese subsidiary Harbin Aircraft Industry Co., Ltd.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 17.85pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#262626 face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 17.85pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#262626 face=Arial,sans-serif>net income</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>Net income attributable to Embraer Shareholders and Earnings per ADS for 4Q16 were US$ 195.2 million and US$ 1.06 per basic share, respectively, bringing total 2016 Net Income attributable to Embraer Shareholders and Earnings per ADS to US$ 166.1 million and US$ 0.90 per basic share, respectively. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>Adjusted net income, excluding deferred income tax and social contribution and excluding the total after-tax impacts of the non-recurring items described above, was US$ 209.1 million in 4Q16 as compared to US$ 29.7 million in 4Q15. For the full year, adjusted net income excluding deferred income tax and social contribution and excluding the total after-tax impacts of the aforementioned non-recurring items, was US$ 290.5 million in 2016 and US$ 272.0 million in 2015. Adjusted earnings per ADS excluding these items was US$ 1.14 in 4Q16 (versus US$ 0.16 in 4Q15) and US$ 1.58 in 2016 (versus US$ 1.49 in 2015).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 17.85pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#262626 face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 17.85pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#262626 face=Arial,sans-serif>monetary balance sheet accounts and other measures</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>Embraer ended 2016 with a net debt position of US$ 574.7 million, which was an improvement from the US$ 652.7 million net debt position at the end of 3Q16, while in 2015 the Company ended the year with a net cash position of US$ 7.2 million. Lower Free cash flow generation in 2016 as compared to 2015 was the principal reason for the Company&#8217;s change to a net debt position by the end of the period.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT color=#404040 size=2 face=Arial></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0cm 17.85pt; TEXT-JUSTIFY: inter-ideograph" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>&nbsp; </FONT></P>

<TABLE style="WIDTH: 60%" cellSpacing=0 border=0>



<TR vAlign=bottom>

   <TD colSpan=4 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>in millions of U.S.dollars</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#595959 vAlign=middle rowSpan=2 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>FINANCIAL POSITION DATA</FONT></B></TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2)</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2015</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2016</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,165.5</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.6pt" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,455.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,241.5</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Financial investments</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,372.2</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.6pt" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,714.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,943.7</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total cash position</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,537.7</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.6pt" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,170.4</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,185.2</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Loans short-term</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>219.4</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6.72pt" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>498.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>510.3</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Loans long-term</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3,311.1</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.6pt" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3,324.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3,249.6</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total loans position</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,530.5</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.6pt" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,823.1</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,759.9</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net Cash (debt)*</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7.2</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4.44pt" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(652.7)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(574.7)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=4 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>* Net Cash (debt) = Cash and cash equivalents + Financial investments short-term and</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>long term - Loans short-term and long-term</FONT></I>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(1) Derived from unaudited financial information.</FONT></I>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

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   <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(2) Derived from audited financial information.</FONT></I>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>During 2016, the Company had negative adjusted Free cash flow (excluding non-recurring net cash outflows of US$ 248.2 million related to the FCPA finalization, voluntary dismissal program, and Chapter 11 negotiations with Republic) of US$ (359.2) million compared to positive Free cash flow of US$ 215.4 million in 2015. This is largely as a consequence of lower adjusted net cash generated by operating activities (net of the financial investments adjustment and adjusted for non-recurring cash impacts) of US$ 535.4 million in 2016 compared to the US$ 932.9 million generated during 2015, as well as higher investments in PP&amp;E and intangible assets in 2016. The principal drivers of the lower operating cash flow in 2016 were increases in inventories and declines in advances from customers and accounts payable, somewhat offset by a lower accounts receivable balance in 2016 compared to that of 2015.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph" align=center>&nbsp;</P>

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<TR>

   <TD width="37%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="10%"></TD>

   <TD width="7%"></TD>

   <TD width="8%"></TD>

   <TD width="9%"></TD>

   <TD width="6%"></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=8 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>in millions of U.S.dollars</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>IFRS</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4Q15</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2015</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2016</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.039pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net cash generated (used) by operating activities (1)</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>879.0</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>932.9</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(14.2)</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(183.2)</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>235.3</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4.559pt" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>249.3</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>287.2</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.08pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Adjustment for non-recurring cash impacts</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4.559pt" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>248.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>248.2</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.039pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Adj. net cash generated (used by) operating activities</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>879.0</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>932.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(14.2)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(183.2)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>235.3</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4.559pt" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>497.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>535.4</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.08pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Net additions to property, plant and equipment</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3.48pt" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(82.5)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(289.9)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(76.1)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(112.3)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(125.9)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6.119pt" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(75.3)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(389.6)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.08pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Additions to intangible assets</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(129.2)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(427.6)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(111.2)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(126.7)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(129.9)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(137.2)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(505.0)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjusted Free Cash Flow</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>667.3</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>215.4</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(201.5)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(422.2)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(20.5)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4.559pt" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>285.0</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(359.2)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.442pt" colSpan=4 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(1) Net of financial investments: 4Q15 82.6, 2015 70.4, 1Q16 145.8, 2Q16 178.2, 3Q16 (66.4), 4Q16 50.1, 2016 307.7</FONT></I>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph" align=center></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0cm 17.85pt; TEXT-JUSTIFY: inter-ideograph" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>Net additions to total PP&amp;E for 4Q16 and 2016 were US$ 75.3 million and US$ 389.6 million, respectively, including values related to spare parts pool programs, aircraft under lease or available for lease, CAPEX, and proceeds from sale of PP&amp;E. Of the total additions to PP&amp;E in 4Q16, CAPEX amounted to US$ 60.7 million, and in 2016 the Company&#8217;s CAPEX was US$ 232.3 million. A portion of the reported CAPEX includes investments related to certain contracted capital expenditures on equipment and facilities, primarily in the Defense &amp; Security segment. These expenditures are included in the terms and conditions of their respective contracts and were not considered in the Company&#8217;s CAPEX Outlook of US$ 275 million for 2016. This contracted CAPEX totaled US$ 9.8 million in 4Q16 and US$ 31.3 million for the full year, as outlined in the table below. Excluding these expenditures, the CAPEX for 2016 was US$ 201.0 million, which was below the Company&#8217;s outlook for the year of US$ 275 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>In 4Q16, Embraer invested a total of US$ 137.2 million in product development. For the full year, the Company invested US$ 505.0 million in product development, partially offset by US$ 123.9 million in contributions from suppliers, yielding net capitalized development investment of US$ 381.1 million for 2016, which was higher than the Company&#8217;s guidance of US$ 325 million for the year. The majority of the development spending for 2016 was related to the E-Jets E2 commercial jet program, which continues to progress according to schedule.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 17.85pt; TEXT-JUSTIFY: inter-ideograph">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR vAlign=bottom>

   <TD colSpan=8 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>in millions of U.S.dollars</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#595959 align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#595959 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4Q15</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#595959 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2015</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#595959 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q16</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#595959 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2Q16</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#595959 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q16</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#595959 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4Q16</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#595959 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2016</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CAPEX</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>73.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>246.3</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>36.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>61.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>73.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>60.7</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>232.3</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center>

   <P style="MARGIN-LEFT: 13pt" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Contracted CAPEX (Included in CAPEX)</FONT></I>&nbsp;</P></TD>

   <TD align=right><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>27.8</FONT></I>&nbsp;</TD>

   <TD align=right><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>58.2</FONT></I>&nbsp;</TD>

   <TD align=right><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>3.1</FONT></I>&nbsp;</TD>

   <TD align=right><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>5.8</FONT></I>&nbsp;</TD>

   <TD align=right><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>12.5</FONT></I>&nbsp;</TD>

   <TD align=right><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>9.8</FONT></I>&nbsp;</TD>

   <TD align=right><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>31.3</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Additions of aircraft available for or under lease</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>8.0</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>23.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>25.7</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>31.7</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>27.8</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>9.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>94.7</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Additions of Pool programs spare parts</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>15.4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>71.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>13.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>19.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>24.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>7.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>65.5</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>PP&amp;E</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>96.6</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>341.5</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>76.1</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>112.4</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>125.9</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>78.1</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>392.5</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Proceeds from sale of PP&amp;E</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(14.1)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(51.6)</FONT>&nbsp;</TD>

   <TD align=center><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(0.1)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(2.8)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(2.9)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net Additions to PP&amp;E</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>82.5</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>289.9</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>76.1</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>112.3</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>125.9</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>75.3</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>389.6</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=8 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>in millions of U.S.dollars</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#595959 align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#595959 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4Q15</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#595959 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2015</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#595959 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1Q16</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#595959 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2Q16</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#595959 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q16</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#595959 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4Q16</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#595959 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2016</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Additions to intangible</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>129.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>427.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>111.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>126.7</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>129.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>137.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>505.0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Contributions from suppliers</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(5.4)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(140.0)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(98.9)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(25.0)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(123.9)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Development (Net of contributions from suppliers)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>123.8</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>287.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>12.3</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>126.7</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>104.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>137.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>381.1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Research</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>14.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>41.7</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>6.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>10.3</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>11.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>18.8</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>47.6</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>R&amp;D</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>138.7</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>329.3</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>18.9</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>137.0</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>116.8</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>156.0</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>428.7</FONT></B>&nbsp;</TD></TR></TABLE>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 6pt 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>The Company&#8217;s total debt increased US$ 229.4 million to US$ 3,759.9 million in 4Q16 compared to US$ 3,530.5 million in 4Q15. Short-term debt at the end of 4Q16 was US$ 510.3 million and long-term debt was US$ 3,249.6 million. The average loan maturity of the Company&#8217;s debt at the end of 4Q16 declined to 5.3 years from the 6.2 years reported in 4Q15, and is in line with Embraer&#8217;s business cycle. The cost of Dollar denominated loans at the end of 2016 was 5.12% p.a. compared to 5.26% p.a. at the end of 2015. The cost of Real denominated loans decreased from 6.43% at the end of 2015 to 5.00% p.a. at the end of 2016. </FONT></P></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif></FONT></P>

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   <P><FONT color=#404040 size=2 face=Arial>The Company&#8217;s EBITDA over the last 12 months (EBITDA LTM) to financial expenses (gross) for 2016 decreased to 2.46 relative to last year&#8217;s value of 3.52. At year-end 2016, 22% of total debt was denominated in Reais, vs. 23% at the end of 2015.<BR></FONT><FONT color=#404040 size=2 face=Arial><BR>Embraer&#8217;s cash allocation management strategy continues to be one of its most important tools to mitigate exchange rate risks. By balancing cash allocation in <I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>Real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>and Dollar</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif> </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>denominated assets, the Company attempts to neutralize its balance sheet exchange rate exposure. Of total cash at the end of 4Q16, 58% was denominated in US Dollars.</FONT></FONT></P>

   <P><FONT color=#404040 size=2 face=Arial>Complementing its strategy to mitigate exchange rate risks, the Company entered into certain financial hedges in order </FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 18pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>to reduce its 2017 cash flow exposure. The Company&#8217;s cash flow exposure is due to the fact that approximately 10% of its net revenues are denominated in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>Reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>while approximately 20% of total costs are denominated in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>Reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>. Having more </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>Real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>denominated costs than revenues generates this cash flow exposure. For 2017, around 45% of the Company&#8217;s </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>Real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>cash flow exposure is hedged if the US Dollar depreciates below an average rate floor of R$ 3.40. For exchange rates above this level, the Company will benefit up to an average exchange rate cap of R$ 3.76.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#262626 face=Arial,sans-serif>operational balance sheet accounts</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>&nbsp;&nbsp; </FONT></P>

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   <TD colSpan=4 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>in millions of U.S.dollars</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-TOP: #000000 1px solid; BACKGROUND-COLOR: #595959; TEXT-INDENT: 0pt" vAlign=middle rowSpan=2 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>FINANCIAL POSITION DATA</FONT></B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid; TEXT-INDENT: 7.44pt" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2)</FONT></B>&nbsp;</TD></TR>

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   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2015</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2016</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Trade accounts receivable</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>783.4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>720.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>665.4</FONT>&nbsp;</TD></TR>

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   <TD bgColor=#e6e6e6 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Customer and commercial financing</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>56.2</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>27.6</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>37.4</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Inventories</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,314.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,838.8</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,496.4</FONT>&nbsp;</TD></TR>

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   <TD bgColor=#e6e6e6 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Property, plant and equipment</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,027.4</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,145.7</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,154.2</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Intangible</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,405.4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,574.4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,664.6</FONT>&nbsp;</TD></TR>

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   <TD bgColor=#e6e6e6 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Trade accounts payable</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,034.9</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,125.9</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>952.1</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Advances from customers</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>907.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>937.1</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>856.2</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Total shareholders' equity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3,843.7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3,783.7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3,941.2</FONT>&nbsp;</TD></TR>

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   <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(1) Derived from unaudited financial information.</FONT></I>&nbsp;</TD>

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   <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(2) Derived from audited financial information.</FONT></I>&nbsp;</TD>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0cm 17.85pt; TEXT-JUSTIFY: inter-ideograph" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>The principal reason for the lower adjusted operating cash flow generation in 2016 as compared to 2015 was due to higher working capital investment, as previously mentioned above. Inventories increased US$ 181.8 million from US$ 2,314.6 million at the end of 2015 to US$ 2,496.4 million at the end of 2016. The increase in inventories was anticipated in our guidance revision in 2Q16, given softer demand for executive jets, thereby increasing the number of both new and used aircraft in inventory. We expect to sell a portion of these jets over the course of 2017. Other impacts on cash flow during 2016 included a decrease in trade accounts payable of US$ 82.8 million from the end of 2015 to US$ 952.1 million at the end of 2016, as well as a decline of US$ 51.7 million in advances from customers to end 2016 at US$ 856.2 million. This was partially offset by a decline in trade accounts receivable from US$ 783.4 million at the end of 2015 to US$ 665.4 million at the end of 2016 as the Company continued to receive payment for certain contracts in the Defense &amp; Security segment. Embraer ended 2016 with the lowest accounts receivable balance since the end of 2013. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>Intangibles increased US$ 259.2 million, from US$ 1,664.6 million at the end of 4Q15 to US$ 1,664.6 million at the end of 4Q16 as a consequence of continued investments in product development. Property, plant and equipment ended 4Q16 at US$ 2,154.2 million, compared to the US$ 2,027.4 million at the end of 4Q15.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#262626 face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-JUSTIFY: inter-ideograph" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#262626 face=Arial,sans-serif>Total Backlog<BR><BR></FONT></B><FONT lang=EN-US color=#404040>Considering all deliveries as well as firm orders obtained during the period, the Company&#8217;s firm order backlog decreased US$ 2.9 billion during 2016 to end the year at US$ 19.6 billion.&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#262626 face=Arial,sans-serif>segment Results</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>The Commercial Aviation segment represented 50.9% of consolidated revenues in 4Q16, lower than the 53.8% reported in the same period last year on slightly lower revenues on a year-over-year basis in 4Q16. The portion of Executive Jets revenues decreased from 36.0% in 4Q15 to 33.0% in 4Q16, also on a decline in revenues as compared to 4Q15. The share of Defense &amp; Security revenues increased from 9.6% in 4Q15 to 15.7% in 4Q16 in response to a stronger average </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>Real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif> in the quarter as compared to 4Q15 and the lack of cost base revisions in 4Q16. Other segment revenues as a percentage of total 4Q16 revenues were 0.4% versus 0.6% in the prior year period. For fiscal year 2016, Commercial Aviation revenues constituted 56.7% of the total, Executive Jets revenues were 27.8%, Defense &amp; Security revenues were 15.0%, and Other segment revenues were 0.5% of the Company&#8217;s total.</FONT></P>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=11 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>in millions of U.S.dollars</FONT>&nbsp;</TD></TR>

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   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>NET REVENUES</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6.36pt" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 6.359pt" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 6.48pt" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3.72pt" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2)</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #595959; TEXT-INDENT: 0pt" align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2)</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>BY SEGMENT</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q16</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3.72pt" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4Q15</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3.72pt" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4Q16</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3.719pt" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2015</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3.72pt" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2016</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3.719pt" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Commercial Aviation</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>926.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>61.3</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,115.3</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>53.8</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,031.8</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>50.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3,348.7</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>56.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3,527.0</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>56.7</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Executive Jets</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>366.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>24.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>746.1</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>36.0</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>669.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>33.0</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,718.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>29.0</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,730.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>27.8</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Defense &amp; Security</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>215.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>14.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>199.7</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>9.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>318.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>15.7</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>811.1</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>13.7</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>932.7</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>15.0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Others</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>5.3</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.3</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>13.3</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>8.0</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>49.7</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.8</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>27.3</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.5</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,514.3</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>100.0</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,074.4</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>100.0</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,027.8</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>100.0</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,928.1</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>100.0</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,217.5</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>100.0</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(1) Derived from unaudited financial information.</FONT></I>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(2) Derived from audited financial information.</FONT></I>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm 0cm 17.85pt; TEXT-JUSTIFY: inter-ideograph" align=center></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#262626 face=Arial,sans-serif>Commercial Aviation</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>In 4Q16 and 2016 Embraer delivered 32 and 108 commercial aircraft, respectively, as shown below:</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>&nbsp; </FONT></P>

<TABLE style="WIDTH: 60%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="31%"></TD>

   <TD width="16%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="9%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 24.119pt" bgColor=#595959 align=left><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>DELIVERIES</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4Q15</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2015</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2016</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Commercial Aviation</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>29</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>33</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>32</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>101</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>108</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>

   <P style="MARGIN-LEFT: 10pt"><FONT size=1 face=Arial,Helvetica,sans-serif>EMBRAER 170</FONT>&nbsp;</P></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>

   <P style="MARGIN-LEFT: 10pt"><FONT size=1 face=Arial,Helvetica,sans-serif>EMBRAER 175</FONT>&nbsp;</P></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>24</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>20</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>26</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>82</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>90</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>

   <P style="MARGIN-LEFT: 10pt"><FONT size=1 face=Arial,Helvetica,sans-serif>EMBRAER 190</FONT>&nbsp;</P></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>8</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>

   <P style="MARGIN-LEFT: 10pt"><FONT size=1 face=Arial,Helvetica,sans-serif>EMBRAER 195</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>6</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>9</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>In December 2016, Embraer reached a milestone with the E-Jets &#8212; the delivery of the 1,300<SUP>th</SUP> aircraft. The E-Jet model E195 was delivered to Tianjin Airlines, the largest E-Jet operator in Asia and also a member of the customer base of the second generation of the E-Jets.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>Embraer also signed a firm contract with United Airlines for 24 E175 jets. This order represents a transfer of 24 E175 jets previously allocated to Republic Airways Holdings (Republic), which were included in Embraer's order book and were canceled. The 24 aircraft to United Airlines are scheduled to be delivered in 2017. The contract has a total value of US$ 1.08 billion, at list price. This movement is reflected in Embraer's results for the fourth quarter of 2016, with no incremental impact on the Company's order book.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>In the fourth quarter of 2016, during the Istanbul Airshow, Embraer announced, along with Aercap, another new operator of the E-Jets E2 family. AerCap will lease three E190-E2s and two E195-E2s to Turkey-based Borajet.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>Also in the fourth quarter of 2016, on approval of the E170 and E175 jets for operation in Russia, Embraer added S7 Airlines to the E-Jets customer base. The airline plans to expand the regional network and increase connectivity in the region that is now concentrated in Moscow.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>The E-Jets E2 development program remains as planned. In addition to the E190-E2 already in the testing phase, the E195-E2 is taking shape. The landing gear for the first aircraft was delivered in November and the wing was attached to the fuselage. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt 17.85pt; TEXT-JUSTIFY: inter-ideograph">&nbsp;</P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="73%" align=left>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0cm 17.85pt; TEXT-JUSTIFY: inter-ideograph" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>
   <IMG border=0 src="bot.jpg" align=middle></FONT></FONT></P></TD>

   <TD vAlign=top width="27%" align=right>&nbsp;<FONT style="FONT-SIZE: 8pt" face=Arial>7</FONT></TD></TR></TABLE></DIV></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 26pt 0cm 17.85pt; TEXT-JUSTIFY: inter-ideograph" align=left><FONT style="DISPLAY: none"></FONT><FONT style="DISPLAY: none"></FONT></P></DIV></DIV>

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<IMG border=0 src="top.jpg"></P>&nbsp;</DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>With respect to services, Embraer announced the expansion of its pool program. The company disclosed new contracts with Airlink (South Africa), People&#8217;s ViennaLine (Austria) and Eastern Airways (United Kingdom). Embraer&#8217;s pool program is currently supporting more than 50% of ERJ customers and 65% of E-Jets customers worldwide.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>In the segment of commercial jets with 70 to 130 seats, Embraer maintains its leadership with more than 50% of the sales and 60% of the deliveries on the world market.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0cm 17.85pt; TEXT-JUSTIFY: inter-ideograph" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>&nbsp; </FONT></P>

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   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>COMMERCIAL AVIATION</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=left>&nbsp;</TD>

   <TD bgColor=#595959 align=left>&nbsp;</TD>

   <TD bgColor=#595959 align=left>&nbsp;</TD>

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   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>BACKLOG</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Firm Orders</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Options</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Deliveries</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Firm Backlog</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><FONT size=1 face=Arial,Helvetica,sans-serif>E170</FONT>&nbsp;</TD>

   <TD align=center><FONT size=1 face=Arial,Helvetica,sans-serif>193</FONT>&nbsp;</TD>

   <TD align=center><FONT size=1 face=Arial,Helvetica,sans-serif>6</FONT>&nbsp;</TD>

   <TD align=center><FONT size=1 face=Arial,Helvetica,sans-serif>199</FONT>&nbsp;</TD>

   <TD align=center><FONT size=1 face=Arial,Helvetica,sans-serif>190</FONT>&nbsp;</TD>

   <TD align=center><FONT size=1 face=Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c1bcb0 align=center><FONT size=1 face=Arial,Helvetica,sans-serif>E175</FONT>&nbsp;</TD>

   <TD bgColor=#c1bcb0 align=center><FONT size=1 face=Arial,Helvetica,sans-serif>525</FONT>&nbsp;</TD>

   <TD bgColor=#c1bcb0 align=center><FONT size=1 face=Arial,Helvetica,sans-serif>244</FONT>&nbsp;</TD>

   <TD bgColor=#c1bcb0 align=center><FONT size=1 face=Arial,Helvetica,sans-serif>769</FONT>&nbsp;</TD>

   <TD bgColor=#c1bcb0 align=center><FONT size=1 face=Arial,Helvetica,sans-serif>421</FONT>&nbsp;</TD>

   <TD bgColor=#c1bcb0 align=center><FONT size=1 face=Arial,Helvetica,sans-serif>104</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><FONT size=1 face=Arial,Helvetica,sans-serif>E190</FONT>&nbsp;</TD>

   <TD align=center><FONT size=1 face=Arial,Helvetica,sans-serif>590</FONT>&nbsp;</TD>

   <TD align=center><FONT size=1 face=Arial,Helvetica,sans-serif>55</FONT>&nbsp;</TD>

   <TD align=center><FONT size=1 face=Arial,Helvetica,sans-serif>645</FONT>&nbsp;</TD>

   <TD align=center><FONT size=1 face=Arial,Helvetica,sans-serif>534</FONT>&nbsp;</TD>

   <TD align=center><FONT size=1 face=Arial,Helvetica,sans-serif>56</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c1bcb0 align=center><FONT size=1 face=Arial,Helvetica,sans-serif>E195</FONT>&nbsp;</TD>

   <TD bgColor=#c1bcb0 align=center><FONT size=1 face=Arial,Helvetica,sans-serif>166</FONT>&nbsp;</TD>

   <TD bgColor=#c1bcb0 align=center><FONT size=1 face=Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD>

   <TD bgColor=#c1bcb0 align=center><FONT size=1 face=Arial,Helvetica,sans-serif>169</FONT>&nbsp;</TD>

   <TD bgColor=#c1bcb0 align=center><FONT size=1 face=Arial,Helvetica,sans-serif>154</FONT>&nbsp;</TD>

   <TD bgColor=#c1bcb0 align=center><FONT size=1 face=Arial,Helvetica,sans-serif>12</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><FONT size=1 face=Arial,Helvetica,sans-serif>E175-E2</FONT>&nbsp;</TD>

   <TD align=center><FONT size=1 face=Arial,Helvetica,sans-serif>100</FONT>&nbsp;</TD>

   <TD align=center><FONT size=1 face=Arial,Helvetica,sans-serif>100</FONT>&nbsp;</TD>

   <TD align=center><FONT size=1 face=Arial,Helvetica,sans-serif>200</FONT>&nbsp;</TD>

   <TD align=center><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=center><FONT size=1 face=Arial,Helvetica,sans-serif>100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c1bcb0 align=center><FONT size=1 face=Arial,Helvetica,sans-serif>E190-E2</FONT>&nbsp;</TD>

   <TD bgColor=#c1bcb0 align=center><FONT size=1 face=Arial,Helvetica,sans-serif>85</FONT>&nbsp;</TD>

   <TD bgColor=#c1bcb0 align=center><FONT size=1 face=Arial,Helvetica,sans-serif>107</FONT>&nbsp;</TD>

   <TD bgColor=#c1bcb0 align=center><FONT size=1 face=Arial,Helvetica,sans-serif>192</FONT>&nbsp;</TD>

   <TD bgColor=#c1bcb0 align=center><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#c1bcb0 align=center><FONT size=1 face=Arial,Helvetica,sans-serif>85</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><FONT size=1 face=Arial,Helvetica,sans-serif>E195-E2</FONT>&nbsp;</TD>

   <TD align=center><FONT size=1 face=Arial,Helvetica,sans-serif>90</FONT>&nbsp;</TD>

   <TD align=center><FONT size=1 face=Arial,Helvetica,sans-serif>80</FONT>&nbsp;</TD>

   <TD align=center><FONT size=1 face=Arial,Helvetica,sans-serif>170</FONT>&nbsp;</TD>

   <TD align=center><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=center><FONT size=1 face=Arial,Helvetica,sans-serif>90</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c1bcb0 align=center><STRONG><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TOTAL E-JETS</FONT>&nbsp;</STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c1bcb0 align=center><STRONG><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,749</FONT>&nbsp;</STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c1bcb0 align=center><STRONG><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>595</FONT>&nbsp;</STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c1bcb0 align=center><STRONG><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,344</FONT>&nbsp;</STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c1bcb0 align=center><STRONG><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,299</FONT>&nbsp;</STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c1bcb0 align=center><STRONG><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>450</FONT>&nbsp;</STRONG></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>The value of the firm order backlog in Commercial Aviation at the end of 2016 was US$ 13.8 billion.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#262626 face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#262626 face=Arial,sans-serif>Executive JETS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>The Executive Jets segment delivered 25 light and 18 large jets, totaling 43 aircraft in 4Q16, two units less than the same period of 2015. When comparing full year deliveries, 2016 total deliveries of 117 aircraft was a slight decline compared to the 120 total deliveries in 2015. </FONT></P>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%"></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%"></TD></TR>

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   <TD style="TEXT-INDENT: 24.119pt" bgColor=#595959 align=left><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>DELIVERIES</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4Q15</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2015</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2016</FONT></B>&nbsp;</TD></TR>

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   <TD bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Executive Aviation</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>25</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>45</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>43</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>120</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>117</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 9.839pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Light Jets</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>13</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>25</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>25</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>82</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>73</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 9.839pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Large Jets</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>12</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>20</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>18</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>38</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>44</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt 17.85pt; TEXT-JUSTIFY: inter-ideograph" align=center></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>During the fourth quarter of 2016, Embraer unveiled a new version of its Legacy 650 large business jet, the Legacy 650E. Featuring automation and technology updates, the aircraft now carries an unprecedented 10-year or 10,000-flight hour warranty, which is the longest in the business jet industry.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>Also during the fourth quarter, Middle East Airlines (MEA) confirmed at the Middle East and North Africa Business Aviation (MEBAA) show in Dubai the purchase of a second Embraer Legacy 500 business jet for its private-jet affiliate, Cedar Executive. The second aircraft is expected to enter into service in mid-2017. Cedar Executive is based at Rafic Hariri International Airport &#8211; Beirut. The company started its operations with a brand-new Legacy 500 delivered in January 2016. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>With regards to deliveries, NetJet received the 700th Phenom family aircraft in November. In December, Embraer delivered the first Melbourne, Florida assembled Legacy 450, as well as two Phenom 300s to Chinese customer Colorful Yunnan.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>At the end of 2016, Embraer had US$ 1.3 billion in firm orders of executive jets in its backlog.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#262626 face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#262626 face=Arial,sans-serif>Defense &amp; security </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 18pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>In the fourth quarter of 2016, Embraer Defense &amp; Security delivered four Super Tucanos to the Republic of Mali. The aircraft will be used for advanced training missions, border surveillance and internal security missions. Three aircraft were also delivered under the Light Air Support Program (LAS), of the United States Air Force, to the Republic of Lebanon.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 18pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>In October, Atech Neg&#243;cios em Tecnologias S.A signed two contracts related to modernization and evolution of systems for air traffic control in Brazil: SAGITARIO (Advanced Management System for Air Traffic Information Reporting) and SIGMA (Integrated System of Management of Air Movements). Atech also signed a contract for the deployment of aerial synthesis at Guarulhos Airport. In December, as part of the modernization of aeronautical communication networks, Atech signed a contract for the implementation of the simulator LQCEA (Laboratory for Qualification of Systems and Elements of VoIP Network - ATN Network).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 18pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>In November, the KC-390 program reached an important milestone with the receipt of the Provisional Type Certificate for the Basic Vehicle. This was issued by the Institute of Industrial Development and Coordination, the Brazilian Air Force&#8217;s organization responsible for military certification, attesting that the KC-390, in its basic configuration, meets the requirements of the certification base.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 18pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>The testing and certification campaign is progressing as planned, with the KC-390 scheduled to receive Initial Operational Capability (IOC) in the second half of 2017 and Final Operational Capability (FOC) in the second half of 2018. The two prototypes of the KC-390 had accumulated more than 740 flight hours by the end of 2016. Embraer has begun production of the first aircraft for the Brazilian Air Force, to be delivered in the first half of 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 18pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>The Geostationary Defense and Strategic Communications Satellite (SGDC), under the responsibility of Visiona Tecnologia Espacial, concluded its satellite and control center test phases in 4Q16, and they are now ready for the satellite launch. In addition, Visiona signed contracts for the monitoring project of the Amazon region with INPE (National Space Research Institute), as well as with Concert Technologies for the monitoring of transmission lines with satellites.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 18pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>In December, the second out of six modified Legacy 500 aircraft was delivered to the Special Flight Inspection Group (GEIV) of the Brazilian Air Force. The jets will be used for calibration and accreditation support of navigation at Brazilian airports. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 18pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>Regarding the Brazilian Air Force's F-39 Program, the Gripen Design Development Network (GDDN) was inaugurated in Gavi&#227;o Peixoto (SP) in November. By the end of 2016, more than 100 Embraer engineers had been sent to Sweden to participate in the technology transfer process. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 18pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>Embraer Defense &amp; Security closed the year with US$ 4.5 billion in value of its firm order backlog.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph" align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#404040 face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph" align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#262626 face=Arial,sans-serif>class action UPDATE</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: none; FONT-WEIGHT: normal" color=#404040 face=Arial,sans-serif>In August, 2016, a putative securities class action was filed in a U.S. court against the Company and certain of its former and current executives. In October, 2016, a federal Court in New York appointed a lead plaintiff and a leading counsel for the putative class action. In December 2016, lead plaintiff filed an amended complaint. The Court has not yet issued a briefing schedule for the motion to dismiss and other procedural aspects of the case. So far the Company believes that there is no adequate base to estimate provisions related to this matter.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph" align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#262626 face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph" align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#262626 face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph" align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#262626 face=Arial,sans-serif>2017 GUIDANCE: NET REVENUES, MARGINS, INVESTMENTS AND FREE CASH FLOW</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>In 2017, Embraer will continue to invest in new products to sustain long-term attractiveness of its Aerospace and Defense portfolio. Notwithstanding, the Company expects to continue its focus on cost control that will translate to higher profitability and competitiveness. The combination of modern products and financial discipline are important pillars to face the current market environment. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>For the Commercial Aviation segment, a smooth transition from the first generation of E-Jets to the E-Jets E2 remains on track with the entry into service (EIS) of the first E2 model, the E190-E2, planned for the first half of 2018. Embraer expects commercial jet deliveries to remain near the levels of recent years, with deliveries in a range of 97 to 102 jets. Given recent order activity, in which Embraer captured the majority share from US carriers in the regional market, deliveries of the E175 jet model are likely to continue to represent the majority of 2017 deliveries. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>For the Executive Jets segment, Embraer remains cautiously optimistic with a still challenging market for pre-owned aircraft affecting demand for new executive jets. The U.S. market remains the most important region as emerging markets continue to exhibit relatively stagnant market conditions. The Company foresees the total new aircraft market to be relatively flat in 2017 as compared to 2016, and Embraer&#8217;s deliveries and revenues in the segment should be stable in 2017 while the Company works to improve the segment&#8217;s profitability through cost cutting initiatives.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>With respect to the Defense &amp; Security segment, the KC-390 program remains on track, achieving important milestones and higher maturity levels in the certification campaign. In the other Defense &amp; Security programs, such as the Border Monitoring system (SISFRON), Super Tucano LAS, and satellite programs, the Company should continue to execute and advance as planned.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>In light of the scenario above, in 2017 Embraer expects to deliver 97 to 102 commercial jets, 70 to 80 light executive jets and 35 to 45 large executive jets (including Legacy 500 and Legacy 450 deliveries, which are considered as part of large jets). </FONT></P>

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   <TD width="27%"></TD>

   <TD width="4%"></TD>

   <TD width="8%"></TD></TR>

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   <TD style="BORDER-TOP: #000000 1px solid; BACKGROUND-COLOR: #585858; TEXT-INDENT: 0pt" colSpan=4 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2017 - DELIVERIES OUTLOOK</FONT></B></TD></TR>

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   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Commercial Aviation</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>97</FONT></B>&nbsp;</TD>

   <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>102</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Executive Jets</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>105</FONT></B>&nbsp;</TD>

   <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>125</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 5.759pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Light</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>70</FONT>&nbsp;</TD>

   <TD align=center><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>80</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.759pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Large</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>35</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>45</FONT>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>Total Revenues are expected to be between US$ 5.7 billion and US$ 6.1 billion. The expected revenue contribution from each business segment for 2017 is as follows: 56% from Commercial Aviation, 28% from Executive Jets, 15% from Defense &amp; Security and 1% from Other businesses.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>&nbsp;&nbsp; </FONT></P>

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   <TD bgColor=#595959 colSpan=4 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(US$ BILLION)</FONT></B></TD></TR>

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   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Commercial Aviation</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>$3.25</FONT></B>&nbsp;</TD>

   <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>$3.40</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Executive Jets</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>$1.60</FONT></B>&nbsp;</TD>

   <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>$1.75</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Defense &amp; Security</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>$0.80</FONT></B>&nbsp;</TD>

   <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>$0.90</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Others</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>$0.05</FONT></B>&nbsp;</TD>

   <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>$0.05</FONT></B>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>EMBRAER</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>$5.70</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>$6.10</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>In 2016, Embraer launched a cost reduction program, with the objective of reducing annual recurring costs by US$ 200 million. Embraer has already completed a voluntary dismissal program and adjusted 2017 operating budgets across all areas of the Company, which are expected to improve 2017 consolidated margins. Higher </FONT></P>

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   <TD vAlign=top width="27%" align=right>&nbsp;<FONT style="FONT-SIZE: 8pt" face=Arial>10</FONT></TD></TR></TABLE></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 17.85pt; TEXT-JUSTIFY: inter-ideograph">

<FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>efficiency in the Executive Jets segment and more stable revenues in Defense &amp; Security, with lower volatility in the Brazilian </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>Real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>to U.S. dollar exchange rate, are also drivers of margin expansion. As a result of these factors, the Company expects to achieve EBIT margin of between 8.0% and 9.0% (from US$ 450 million to US$ 550 million in EBIT) and EBITDA margin of between 13.5% and 14.5% (from US$ 770 million to US$ 890 million in EBITDA) in 2017.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>&nbsp; </FONT></P>

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   <TD bgColor=#595959 colSpan=4 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(US$ MILLION)</FONT></B></TD></TR>

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   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>EBIT</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>$450</FONT></B>&nbsp;</TD>

   <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>$550</FONT></B>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8.0%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9.0%</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>EBITDA</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>$770</FONT></B>&nbsp;</TD>

   <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>$890</FONT></B>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>EBITDA Margin</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13.5%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>14.5%</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>The Company expects 2017 Investments to reach US$ 650 million. Research will represent US$ 50 million, Product development will represent US$ 400 million, and CAPEX will represent US$ 200 million. The majority of the Company&#8217;s investments are related to the development of the E2 family of commercial jets. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>As a consequence of the Company&#8217;s outlook for revenues, operating profit and investments as well as other factors such as working capital needs for the entry into service of the E190-E2 in the first half of 2018, we expect 2017 Free Cash Flow to be greater than negative US$ 150 million.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>&nbsp; </FONT></P>

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   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#595959 colSpan=2 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2017 - INVESTMENTS &amp;</FONT></B></TD></TR>

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   <TD bgColor=#595959 colSpan=2 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>FREE CASH FLOW OUTLOOK (US$ MILLION)</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Research</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 30.719pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>$50</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Development</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 30.719pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>$400</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Capex</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 30.719pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>$200</FONT></B>&nbsp;</TD></TR>

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   <TD bgColor=#c1bcb0 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total Investments</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 30.719pt" bgColor=#c1bcb0 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>$650</FONT></B>&nbsp;</TD></TR>

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   <TD style="BACKGROUND-COLOR: #ffffff" colSpan=2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c1bcb0 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Free Cash Flow</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#c1bcb0 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&gt; ($150) Million</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>This Outlook is based on assumptions which are subject to various factors, many of which are not and neither will be under the control of the Company.</FONT></P>

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<a name="_bclHeader12"></a><DIV>&nbsp;<B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#262626 face=Arial,sans-serif>Reconciliation OF IFRS and &#8220;non gaap&#8221; information</FONT></B></DIV>

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   <TD width="12%"></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=4 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>in millions of U.S.dollars</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>EBITDA RECONCILIATION</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>LTM* (IFRS)</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2015</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2016</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Net Income Attributable to Embraer</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>83.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>69.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>166.1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Noncontrolling interest</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>4.0</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>11.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.7</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Income tax (expense) income</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(112.9)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>255.4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(8.7)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Financial income, net</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>23.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>22.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>51.4</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Foreign exchange loss, net</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(2.0)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 8.759pt" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(27.6)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(4.5)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Depreciation and amortization</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>313.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>283.0</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>330.1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>EBITDA LTM</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>309.5</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>614.5</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>536.1</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(1) Derived from unaudited financial information.</FONT></I>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(2) Derived from audited financial information.</FONT></I>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>* Last Twelve Months</FONT></I>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>We define Free cash flow as operating cash flow less Additions to property, plant and equipment, Additions to intangible assets, Financial investments and Other assets. Free cash flow is not an accounting measure under IFRS. Free cash flow is presented because it is used internally as a measure for evaluating certain aspects of our business. The Company also believes that some investors find it to be a useful tool for measuring Embraer's cash position. Free cash flow should not be considered as a measure of the Company's liquidity or as a measure of its cash flow as reported under IFRS. In addition, Free cash flow should not be interpreted as a measure of residual cash flow available to the Company for discretionary expenditures, since the Company may have mandatory debt service requirements or other nondiscretionary expenditures that are not deducted from this measure. Other companies in the industry may calculate Free cash flow differently from Embraer for purposes of their earnings releases, thus limiting its usefulness for comparing Embraer to other companies in the industry.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>EBITDA LTM represents earnings before interest, taxation, depreciation and amortization accumulated over a period of the last 12 months. It is not a financial measure of the Company&#8217;s financial performance under IFRS. EBIT as mentioned in this press release refers to earnings before interest and taxes, and for purposes of reporting is the same as that reported on the Income Statement as Operating Profit before Financial Income.</FONT></P>

<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="41%"></TD>

   <TD width="13%"></TD>

   <TD width="12%"></TD>

   <TD width="11%"></TD>

   <TD width="12%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>in millions of U.S.dollars</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid; BACKGROUND-COLOR: #595959; TEXT-INDENT: 0pt" align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>EBITDA RECONCILIATION</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid; TEXT-INDENT: 5.519pt" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid; TEXT-INDENT: 6.119pt" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid; BACKGROUND-COLOR: #595959; TEXT-INDENT: 0pt" align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#595959 align=left>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4Q15</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2015</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2016</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Net Income (loss) Attributable to Embraer</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(33.7)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>111.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>195.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>69.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>166.1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Noncontrolling interest</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2.8</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>11.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.7</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Income tax (expense) income</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(16.5)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(48.3)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>55.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>255.4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(8.7)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Financial income, net</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>21.0</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>7.1</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>34.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>22.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>51.4</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Foreign exchange loss, net</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(0.9)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(7.5)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(9.9)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(27.6)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(4.5)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Depreciation and amortization</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>83.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>85.4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>101.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>283.0</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>330.1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>EBITDA</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>54.3</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>150.7</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>378.5</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>614.5</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>536.1</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>EBITDA Margin</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3.719pt" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3.6%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>7.3%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>18.7%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>10.4%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>8.6%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(1) Derived from unaudited financial information.</FONT></I>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(2) Derived from audited financial information.</FONT></I>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph" align=center></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>EBIT and EBITDA are presented because they are used internally as measures to evaluate certain aspects of the business. The Company also believes that some investors find them to be useful tools for measuring a Company&#8217;s financial performance. EBIT and EBITDA should not be considered as alternatives to, in isolation from, or as substitutes for, analysis of the Company&#8217;s financial condition or results of operations, as reported under IFRS. Other companies in the industry may calculate EBIT and EBITDA differently from Embraer for the purposes of their earnings releases, limiting EBIT and EBITDA&#8217;s usefulness as comparative measures.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-JUSTIFY: inter-ideograph">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-JUSTIFY: inter-ideograph">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif></FONT>&nbsp;</P>

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<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>in millions of U.S.dollars</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #595959; TEXT-INDENT: 0pt" vAlign=middle rowSpan=2 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ADJUSTED EBIT RECONCILIATION</FONT></B></TD>

   <TD style="TEXT-INDENT: 0.479pt" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.6pt" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6.239pt" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2)</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4Q15</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2015</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2016</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Operating profit (loss) before financial income (EBIT)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(28.9)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>65.3</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>276.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>331.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>206.0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Provision for voluntary redundancy scheme</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>118.1</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(0.8)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>117.3</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Impact of Penalty Provision</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>5.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>22.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>228.0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Provisions for financial guarantees related to Republic</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(52.2)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(52.2)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjusted EBIT</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>94.7</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>166.2</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>246.1</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>432.4</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>499.1</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Adjusted EBIT Margin %</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>6.3%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>8.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>12.1%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>7.3%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>8.0%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(1) Derived from unaudited financial information.</FONT></I>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(2) Derived from audited financial information.</FONT></I>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-JUSTIFY: inter-ideograph">&nbsp;</P>

<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR vAlign=bottom>

   <TD colSpan=6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>in millions of U.S.dollars</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #595959; TEXT-INDENT: 0pt" vAlign=middle rowSpan=2 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ADJUSTED EBITDA RECONCILIATION</FONT></B></TD>

   <TD style="TEXT-INDENT: 1.08pt" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1.199pt" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6.239pt" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2)</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1.08pt" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4Q15</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2015</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5.16pt" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2016</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>EBITDA</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>54.3</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>150.7</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>378.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>614.5</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.6pt" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>536.1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Provision for voluntary redundancy scheme</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>118.1</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(0.8)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.6pt" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>117.3</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Impact of Penalty Provision</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>5.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>22.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.6pt" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>228.0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Provisions for financial guarantees related to Republic</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(52.2)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.9</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 2.28pt" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(52.2)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjusted EBITDA</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>177.9</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>251.6</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>348.0</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>715.4</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.6pt" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>829.2</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Adjusted EBITDA Margin %</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>11.7%</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>12.1%</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>17.2%</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>12.1%</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>13.3%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(1) Derived from unaudited financial information.</FONT></I>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(2) Derived from audited financial information.</FONT></I>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0cm 18pt; TEXT-JUSTIFY: inter-ideograph" align=center></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>Adjusted EBIT and Adjusted EBITDA are non-GAAP measures, and both exclude the impact of several non-recurring items, as described in the tables above.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-JUSTIFY: inter-ideograph">&nbsp;</P>

<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>in millions of U.S.dollars</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #595959; TEXT-INDENT: 0pt" vAlign=middle rowSpan=2 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ADJUSTED NET INCOME (LOSS) RECONCILIATION</FONT></B></TD>

   <TD style="TEXT-INDENT: 6.359pt" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6.36pt" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6.36pt" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6.239pt" bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2)</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4Q15</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2015</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2016</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Net Income (loss) Attributable to Embraer</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(33.7)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>111.2</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6.36pt" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>195.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>69.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>166.1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Net change in Deferred income tax &amp; social contribution</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(10.8)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(148.1)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>26.4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>136.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(146.5)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>After-tax provision for voluntary redundancy scheme</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>77.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 11.639pt" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(0.6)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>77.4</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Impact of Penalty Provision</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>5.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>22.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>228.0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>After-tax provisions for financial guarantees</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>66.6</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 7.92pt" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(34.5)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>66.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(34.5)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjusted Net Income</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>38.9</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>29.7</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6.36pt" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>209.1</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>272.0</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>290.5</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Adjusted Net Margin</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 9.479pt" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>5.2%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.4%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.88pt" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>10.3%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 9.479pt" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>4.6%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>4.7%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(1) Derived from unaudited financial information.</FONT></I>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(2) Derived from audited financial information.</FONT></I>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-JUSTIFY: inter-ideograph"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>Adjusted Net Income is a non-GAAP measure, calculated by adding Net Income attributable to Embraer Shareholders plus Deferred Income tax and social contribution for the period, as well as removing the impact of non-recurring items. Furthermore, under IFRS for purposes of calculating Embraer&#8217;s Income Tax benefits (expenses), the Company is required to record taxes resulting from gains or losses due to the impact of the changes in the Real to the US Dollar exchange rate over non-monetary assets (primarily Inventories, Intangibles, and PP&amp;E). It is important to note that taxes resulting from gains or losses over non-monetary assets are considered deferred taxes and are accounted for in the Company&#8217;s consolidated Cash Flow statement, under Deferred income tax and social contribution.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT color=#404040 size=2 face=Arial></FONT>&nbsp;</P>

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   <TD vAlign=top width="27%" align=right>&nbsp;<FONT style="FONT-SIZE: 8pt" face=Arial>13</FONT></TD></TR></TABLE></DIV></DIV>

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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph" align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#262626 face=Arial,sans-serif>Some Financial Ratios based on &#8220;non GAAP&#8221; information</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: none; FONT-WEIGHT: normal" color=#404040 face=Arial,sans-serif>&nbsp;&nbsp; </FONT></P>

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   <TD style="BACKGROUND-COLOR: #595959; TEXT-INDENT: 0pt" vAlign=middle rowSpan=2 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>CERTAIN FINANCIAL RATIOS - IFRS</FONT></B></TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B>&nbsp;</TD></TR>

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   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2015</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2016</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Total debt to EBITDA (i)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>5.45</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>11.01</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>7.01</FONT>&nbsp;</TD></TR>

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   <TD bgColor=#e6e6e6 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Net cash to EBITDA (ii)</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.01</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.839pt" bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(1.88)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.84pt" bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(1.07)</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Total debt to capitalization (iii)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.48</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.50</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.49</FONT>&nbsp;</TD></TR>

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   <TD bgColor=#e6e6e6 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>LTM EBITDA to financial expense (gross) (iv)</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3.52</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.46</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2.46</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>LTM EBITDA (v)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>614.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>309.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>536.1</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>LTM Interest and commissions on loans (vi)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>174.6</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>211.8</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>218.2</FONT>&nbsp;</TD></TR>

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   <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(1) Derived from unaudited financial information.</FONT></I>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#404040 face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#404040 face=Arial,sans-serif>(i) Total debt represents short and long-term loans and financing.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#404040 face=Arial,sans-serif>(ii) Net cash represents cash and cash equivalents, plus financial investments, minus short and long-term loans and financing.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#404040 face=Arial,sans-serif>(iii) Total capitalization represents short and long-term loans and financing, plus shareholders equity.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#404040 face=Arial,sans-serif>(iv) Financial expense (gross) includes only interest and commissions on loans.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#404040 face=Arial,sans-serif>(v) The table at the end of this release sets forth the reconciliation of Net income to adjusted EBITDA, calculated on the basis of financial information prepared with IFRS data, for the indicated periods.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: none; FONT-WEIGHT: normal" color=#404040 face=Arial,sans-serif>(vi) Interest expense (gross) includes only interest and commissions on loans, which are included in Interest income (expense), net presented in the Company&#8217;s consolidated Income Statement.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0cm 18pt; TEXT-JUSTIFY: inter-ideograph" align=left><STRONG><FONT color=#404040 size=2 face=Arial></FONT></STRONG>&nbsp;</P>

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   <TD colSpan=5 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>EMBRAER S.A.</FONT></B></TD></TR>

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   <TD colSpan=5 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>CONSOLIDATED STATEMENTS OF INCOME</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=5 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(in millions of U.S.dollars, except earnings per share)</FONT></B></TD></TR>

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   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#595959 align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#595959 colSpan=2 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#595959 colSpan=2 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2)</FONT></B></TD></TR>

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   <TD bgColor=#595959 align=left>&nbsp;</TD>

   <TD bgColor=#595959 colSpan=2 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Three months ended on</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 colSpan=2 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Twelve months ended on</FONT></B>&nbsp;</TD></TR>

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   <TD bgColor=#595959 align=left>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>31 Dec, 2015</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>31 Dec, 2016</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>31 Dec, 2015</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>31 Dec, 2016</FONT></B>&nbsp;</TD></TR>

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   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#595959 colSpan=5 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD></TR>

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   <TD style="TEXT-INDENT: 2.4pt" bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Revenue</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,074.4</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,027.8</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,928.1</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,217.5</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 6.939pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Cost of sales and services</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(1,724.7)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(1,620.6)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(4,816.8)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(4,980.7)</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 2.4pt" bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Gross profit</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>349.7</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>407.2</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,111.3</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,236.8</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Operating Income (Expense)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 6.939pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Administrative</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(49.6)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(44.0)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(182.0)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(164.3)</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 6.939pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Selling</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(96.9)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(81.4)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(361.6)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(368.6)</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 6.939pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Research</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(14.9)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(18.8)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(41.7)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(47.6)</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 6.939pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Other operating income (expense), net</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(122.7)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>13.7</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(194.2)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(450.0)</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 6.939pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Equity in gain or losses of associates</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(0.3)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(0.1)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(0.3)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(0.3)</FONT>&nbsp;</TD></TR>

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   <TD colSpan=5>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 2.4pt" bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Operating profit (loss) before financial income</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>65.3</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>276.6</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>331.5</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>206.0</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.939pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Financial expenses, net</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(7.1)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(34.9)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(22.9)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(51.4)</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 6.939pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Foreign exchange gain, net</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>7.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>9.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>27.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>4.5</FONT>&nbsp;</TD></TR>

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   <TD colSpan=5>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 2.4pt" bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Profit before taxes on income</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>65.7</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>251.6</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>336.2</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>159.1</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 6.939pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Income tax (expense) income</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>48.3</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(55.9)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(255.4)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>8.7</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.4pt" bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net Income</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>114.0</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>195.7</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>80.8</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>167.8</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Attributable to:</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>

   <P style="MARGIN-LEFT: 4.786pt"><FONT size=1 face=Arial,Helvetica,sans-serif>Owners of Embraer</FONT>&nbsp;</P></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>111.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>195.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>69.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>166.1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>

   <P style="MARGIN-LEFT: 4.786pt"><FONT size=1 face=Arial,Helvetica,sans-serif>Noncontrolling interest</FONT>&nbsp;</P></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2.8</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>11.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.7</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.4pt" bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Weighted average number of shares (in thousands)</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=left>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=left>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=left>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.786pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Basic</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>730.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>735.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>730.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>735.6</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.786pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Diluted</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>733.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>736.3</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>733.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>737.3</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.4pt" bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Earnings per share</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=left>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=left>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=left>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.786pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Basic</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.1523</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.2658</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.0947</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.2258</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.786pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Diluted</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.1516</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.2652</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.0943</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.2253</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.4pt" bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Earnings per share - ADS basic (US$)</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.6091</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.0634</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.3787</FONT>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.9032</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2.4pt" bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Earnings per share - ADS diluted (US$)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.6063</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.0609</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.3772</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.9012</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(1) Derived from unaudited financial statements.</FONT></I>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(2) Derived from audited financial statements.</FONT></I>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-JUSTIFY: inter-ideograph" align=center></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-JUSTIFY: inter-ideograph" align=center>&nbsp;</P>

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<TR vAlign=bottom>

   <TD colSpan=5 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>EMBRAER S.A.</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=5 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>CONSOLIDATED STATEMENTS OF CASH FLOWS</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=5 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(in millions of U.S.dollars)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#595959 align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#595959 colSpan=2 align=center><B><FONT style="COLOR: #ffffff" size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#595959 colSpan=2 align=center><B><FONT style="COLOR: #ffffff" size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2)</FONT></B><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#595959 align=left>&nbsp;</TD>

   <TD bgColor=#595959 colSpan=2 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Three Months Ended</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 colSpan=2 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Twelve Months Ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#595959 align=left>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>31 Dec, 2015</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>31 Dec, 2016</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>31 Dec, 2015</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>31 Dec, 2016</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#595959 colSpan=5 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Operating activities</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Net income</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>114.0</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>195.7</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>80.8</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>167.8</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Items not affecting cash and cash equivalents</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>36.8</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>57.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>161.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>194.5</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Government grants depreciation</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(3.1)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(3.1)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Amortization</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>61.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>57.0</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>154.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>173.9</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Amortization contribution from suppliers</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(12.9)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(12.3)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(33.8)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(38.3)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Allowance (reversal) for inventory obsolescence</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(3.0)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(16.0)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>7.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(23.9)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Provision (reversal) for adjustment to market value</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(5.3)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>63.8</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(5.8)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>82.8</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Provision (reversal) allowance for doubtful accounts</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.7</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(1.2)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>7.4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>11.4</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Gains on fixed assets disposal</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>23.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>11.7</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>49.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>19.6</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Deferred income tax and social contribution</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(148.1)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>26.4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>136.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(146.5)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Accrued interest</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>17.3</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(17.1)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>32.4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(13.1)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Interest over marketable securities</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(31.9)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(52.5)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Equity in the losses of associates</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.1</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.3</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.3</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Share-based remuneration</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.3</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2.3</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.4</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Foreign exchange loss, net</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(6.0)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(9.8)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(31.3)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(12.7)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Residual value guarantee</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>10.0</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.3</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>27.5</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Accounts payable for penalties</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(146.9)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>58.6</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Provision for voluntary redundancy scheme</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(89.8)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>28.2</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(2.3)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(0.5)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(10.3)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(1.1)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Changes in assets</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Financial investments</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(82.6)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(50.2)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(70.4)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(307.7)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(28.1)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(21.6)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Collateralized accounts receivable and accounts receivable</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>74.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>32.4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(73.2)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>156.0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Customer and commercial financing</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(1.4)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(9.8)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>12.4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>18.8</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Inventories</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>468.1</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>368.8</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>137.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(136.9)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Other assets</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(35.5)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>242.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(208.9)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>103.7</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Changes in liabilities</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Trade accounts payable</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>53.0</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(174.0)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>72.1</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(93.8)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Non-recourse and recourse debt</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(13.0)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(7.7)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(15.2)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(10.9)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Other payables</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(5.4)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(40.6)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(71.1)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(30.3)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Contribution from suppliers</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>5.4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>140.0</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>123.9</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Advances from customers</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>46.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(81.4)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>136.1</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(97.9)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Taxes and payroll charges payable</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>89.4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(164.5)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>63.0</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(153.1)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Financial guarantees</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>79.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(53.1)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>54.8</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(87.6)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Other provisions</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(15.5)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>60.8</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>24.1</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>51.1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Unearned income</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>73.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(11.0)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>108.7</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(9.0)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net cash generated by operating activities</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>796.4</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>199.3</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>862.5</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(20.5)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Investing activities</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Additions to property, plant and equipment</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(96.6)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(78.1)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(341.5)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(392.5)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Proceeds from sale of property, plant and equipment</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>14.1</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2.8</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>51.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2.9</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Additions to intangible assets</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(129.2)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(137.3)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(427.6)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(505.0)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Investments in associates</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(1.1)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(0.3)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(1.3)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(2.6)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Proceeds from held to maturity securities</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(128.4)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(74.3)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Loans</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(482.5)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(702.8)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(12.3)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Dividends Received</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Restricted cash reserved for construction of assets</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>4.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>4.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>4.1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net cash used in investing activities</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(691.1)</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(339.8)</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,417.4)</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(979.6)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Financing activities</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Proceeds from borrowings</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>391.3</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>149.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,696.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>576.2</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Repayment of borrowings</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(280.8)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(198.0)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(419.2)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(523.7)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Dividends and interest on own capital</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(7.4)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(3.9)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(60.9)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(28.2)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Proceeds from stock options exercised</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>7.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.7</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Acquisition of own shares</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(17.1)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net cash generated (used) by financing activities</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>104.5</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(52.2)</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,224.0</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8.9</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.919pt" bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Increase (Decrease) in cash and cash equivalents</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>209.8</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(192.7)</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>669.1</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(991.2)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.919pt" bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Effects of exchange rate changes on cash and cash equivalents</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1.2</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(21.3)</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(216.6)</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>67.2</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.919pt" bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash and cash equivalents at the beginning of the period</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,954.5</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,455.5</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,713.0</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,165.5</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1.919pt" bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash and cash equivalents at the end of the period</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,165.5</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,241.5</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,165.5</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,241.5</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(1) Derived from unaudited financial statements.</FONT></I>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(2) Derived from audited financial statements</FONT></I>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-JUSTIFY: inter-ideograph" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-JUSTIFY: inter-ideograph" align=center>&nbsp;</P>

<P></P>

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="73%" align=left>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0cm 17.85pt; TEXT-JUSTIFY: inter-ideograph" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>
   <IMG border=0 src="bot.jpg" align=middle></FONT></FONT></P></TD>

   <TD vAlign=top width="27%" align=right>&nbsp;<FONT style="FONT-SIZE: 8pt" face=Arial>16</FONT></TD></TR></TABLE></DIV></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 26pt 0cm 17.85pt; TEXT-JUSTIFY: inter-ideograph" align=left><FONT style="DISPLAY: none"></FONT><FONT style="DISPLAY: none"></FONT></P></DIV>

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<IMG border=0 src="top.jpg" align=middle></P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-JUSTIFY: inter-ideograph" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: none; FONT-WEIGHT: normal" color=#404040 face=Arial,sans-serif>&nbsp; </FONT></P>

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<TR vAlign=bottom>

   <TD colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>EMBRAER S.A.</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>CONSOLIDATED STATEMENT OF FINANCIAL POSITION</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(in millions of U.S. dollars)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#595959 vAlign=middle rowSpan=3 align=center><B><FONT style="COLOR: #ffffff" size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>A S S E T S</FONT></B></TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>As of December 31,</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>As of December 31,</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2015</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2016</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current assets</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.71pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,165.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,241.5</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.71pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Financial investments</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>622.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,775.5</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.71pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Trade accounts receivable, net</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>781.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>665.4</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.71pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>5.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>21.0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.71pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Customer and commercial financing</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>10.8</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>8.5</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.71pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Collateralized accounts receivable</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>91.4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>142.8</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.71pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Inventories</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,314.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,496.4</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.71pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Income tax and Social Contribution</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>130.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>80.7</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.71pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Other assets</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>289.4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>349.9</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e6e6e6 align=left>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,411.6</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,781.7</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.4pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Non-current assets</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.71pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Financial investments</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>749.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>168.2</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.71pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Trade accounts receivable</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.5</FONT>&nbsp;</TD>

   <TD align=center><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.71pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>9.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>11.1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.71pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Customer and commercial financing</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>45.4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>28.9</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.71pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Collateralized accounts receivable</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>316.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>180.5</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.71pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Guarantee deposits</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>577.3</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>511.4</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.71pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Deferred income tax</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>4.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3.4</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.71pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Other assets</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>119.8</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>156.7</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e6e6e6 align=left>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,823.9</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,060.2</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.71pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Investments</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3.9</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.71pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Property, plant and equipment, net</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,027.4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,154.2</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.71pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Intangible assets</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,405.4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,664.6</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,257.9</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,882.9</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TOTAL ASSETS</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>11,669.5</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>11,664.6</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(1) Derived from audited financial information.</FONT></I>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0cm 14.2pt; TEXT-JUSTIFY: inter-ideograph" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0cm 18pt; TEXT-JUSTIFY: inter-ideograph" align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#404040 face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<TR vAlign=bottom>

   <TD colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>EMBRAER S.A.</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>CONSOLIDATED STATEMENT OF FINANCIAL POSITION</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(in millions of U.S. dollars)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#595959 vAlign=middle rowSpan=3 align=center><B><FONT style="COLOR: #ffffff" size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>LIABILITIES</FONT></B></TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B>&nbsp;</TD></TR>

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   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>As of December 31,</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>As of December 31,</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2015</FONT></B>&nbsp;</TD>

   <TD bgColor=#595959 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2016</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.399pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current liabilities</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.519pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Trade accounts payable</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,034.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>952.1</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 8.519pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Loans and financing</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>219.4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>510.3</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.519pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Non-recourse and recourse debt</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>10.1</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>22.9</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.519pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Other payables</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>291.1</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>379.5</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.519pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Advances from customers</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>743.8</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>716.4</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.519pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>12.3</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>8.4</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.519pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Taxes and payroll charges payable</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>70.8</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>43.6</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.519pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Income tax and social contribution</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>118.1</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>25.9</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.519pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Financial guarantee and residual value</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>161.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>49.7</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.519pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Provisions</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>95.7</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>135.8</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.519pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Dividends payable</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2.7</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>24.8</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.519pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Unearned income</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>320.0</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>311.5</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e6e6e6 align=left>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,080.4</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,180.9</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Non-current liabilities</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.519pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Loans and financing</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3,311.1</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3,249.6</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.519pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Non-recourse and recourse debt</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>374.7</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>351.0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.519pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Other payables</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>39.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>16.9</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.519pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Advances from customers</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>164.1</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>139.8</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.519pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Taxes and payroll charges payable</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>80.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>67.9</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.519pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Deferred income tax and social contribution</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>417.3</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>263.3</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.519pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Financial guarantee and residual value</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>131.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>161.1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.519pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Provisions</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>108.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>179.0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.519pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Unearned income</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>117.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>113.9</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e6e6e6 align=left>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,745.4</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,542.5</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD bgColor=#e6e6e6 colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TOTAL LIABILITIES</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,825.8</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,723.4</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Shareholders' equity</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.519pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Capital</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,438.0</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,438.0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.519pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Treasury shares</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(38.4)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(49.1)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.519pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Revenue reserves</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,456.3</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,566.1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.519pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Share-based remuneration</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>35.4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>36.8</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.519pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Accumulated Other Comprehensive Loss</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(149.5)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(143.0)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,741.8</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,848.8</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.519pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Non-controlling interest</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>101.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>92.4</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total company's shareholders' equity</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,843.7</FONT></B>&nbsp;</TD>

   <TD bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,941.2</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>11,669.5</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6e6e6 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>11,664.6</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(1) Derived from audited financial information.</FONT></I>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE>

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   <P style="TEXT-ALIGN: left"><B><FONT color=#262626 size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>CONFERENCE CALL INFORMATION</FONT></B></P>

   <P style="TEXT-ALIGN: left"><FONT color=#404040 size=2 face=Arial,Helvetica,sans-serif>Embraer will host a conference call to present its 4Q16 Results on </FONT><B><FONT color=#404040 size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Thursday, March 9, 2017 at 12:30PM (SP) / 10:30AM (NY). </FONT></B><FONT color=#404040 size=2 face=Arial,Helvetica,sans-serif>The conference call will also be broadcast live over the web at </FONT><B><U><FONT color=#404040 size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>http://ri.embraer.com.br</FONT></U></B></P>

   <P style="TEXT-ALIGN: left"><B><FONT color=#404040 size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Telephones:</FONT></B></P>

   <P style="TEXT-ALIGN: left"><FONT color=#404040 size=2 face=Arial,Helvetica,sans-serif>Operator Assisted (US/ Canada) Toll-Free Dial-In Number: (877) 846-1574 Operator Assisted International Dial-In Number: (708) 290-0687</FONT></P>

   <P style="TEXT-ALIGN: left"><FONT color=#404040 size=2 face=Arial,Helvetica,sans-serif>Your own International Toll-Free number for Brazil: 0800 047 4803 (land line) and 0800 047 4801 (cell phone)</FONT></P>

   <P style="TEXT-ALIGN: left"><B><FONT color=#404040 size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Code: 60338271</FONT></B></P></DIV>

   <P></P></TD></TR></TABLE></DIV><B><FONT lang=EN-US color=#404040>&nbsp; </FONT></B><FONT lang=PT-BR><BR clear=all></FONT>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph" align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#262626 face=Arial,sans-serif>CONFERENCE CALL INFORMATION</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>Embraer will host a conference call to present its 4Q16 Results on </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>Thursday, March 9, 2017 at 12:30PM (SP) / 10:30AM (NY).</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif> The conference call will also be broadcast live over the web at </FONT><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>http://ri.embraer.com.br</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 17.85pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-JUSTIFY: inter-ideograph; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%" color=#404040><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>Telephones:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-JUSTIFY: inter-ideograph; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%" color=#404040><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>Operator Assisted (US/ Canada) Toll-Free Dial-In Number: (877) 846-1574</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-JUSTIFY: inter-ideograph; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%" color=#404040><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>Operator Assisted International Dial-In Number: (708) 290-0687</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-JUSTIFY: inter-ideograph; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%" color=#404040><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>Your own International Toll-Free number for Brazil: 0800 047 4803 (land line) and 0800 047 4801 (cell phone)</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-JUSTIFY: inter-ideograph; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%" color=#404040><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>Code: 60338271</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph" align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#262626 face=Arial,sans-serif>ABOUT EMBRAER</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>Embraer is a global company headquartered in Brazil with businesses in commercial and executive aviation, defense &amp; security. The company designs, develops, manufactures and markets aircraft and systems, providing customer support and services. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>Since it was founded in 1969, Embraer has delivered more than 8,000 aircraft. About every 10 seconds an aircraft manufactured by Embraer takes off somewhere in the world, transporting over 145 million passengers a year. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>Embraer is the leading manufacturer of commercial jets up to 130 seats. The company maintains industrial units, offices, service and parts distribution centers, among other activities, across the Americas, Africa, Asia and Europe.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif>For more information, please visit www.embraer.com.br</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 17.85pt; TEXT-JUSTIFY: inter-ideograph"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#404040 face=Arial,sans-serif>This document may contain projections, statements and estimates regarding circumstances or events yet to take place. Those projections and estimates are based largely on current expectations, forecasts of future events and financial trends that affect Embraer&#8217;s businesses. Those estimates are subject to risks, uncertainties and suppositions that include, among others: general economic, political and trade conditions in Brazil and in those markets where Embraer does business; expectations of industry trends; the Company&#8217;s investment plans; its capacity to develop and deliver products on the dates previously agreed upon, and existing and future governmental regulations. The words &#8220;believe&#8221;, &#8220;may&#8221;, &#8220;is able&#8221;, &#8220;will be able&#8221;, &#8220;intend&#8221;, &#8220;continue&#8221;, &#8220;anticipate&#8221;, &#8220;expect&#8221; and other similar terms are intended to identify potentialities. Embraer does not undertake any obligation to publish updates nor to revise any estimates due to new information, future events or any other facts. In view of the inherent risks and uncertainties, such estimates, events and circumstances may not take place. The actual results may therefore differ substantially from those previously published as Embraer expectations.</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 17.85pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#404040 face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="BACKGROUND: white; MARGIN: 12pt 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Date:&nbsp;March <FONT style="FONT-SIZE: 10pt" face="Times New Roman">9</FONT>, 2017</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=ES-CL style="FONT-SIZE: 10pt" face="times new roman">Jos&#233; Antonio de Almeida Filippo</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt" face="times new roman">Executive Vice-President and Chief Financial and Investor Relations Officer</FONT></P></TD></TR></TABLE></DIV>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
