Embraer to revise deliveries to ExpressJet

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2/12/2003
EMBRAER TO REVISE DELIVERIES TO EXPRESSJET

Embraer (NYSE: ERJ) announced today that ExpressJet Airlines (NYSE: XJT), due to the economic uncertainties and the adverse market conditions faced by airlines, has requested a revision of the deliveries of Embraer regional jets originally scheduled to take place during the years 2003-2005. As a result, a revision in the original delivery schedule has been agreed upon, subject to the execution of satisfactory definitive agreements and the approval of the Board of Directors of Continental.
The reprogramming of deliveries to ExpressJet of ERJ 145 XR aircraft redistributes the same number of aircraft originally agreed upon, thus establishing a new schedule for the years 2003, 2004, 2005 and 2006. According to the new schedule, Embraer will deliver to ExpressJet 36 aircraft instead of 48 in 2003 and 21 aircraft instead of 36 in 2004. In 2005, the revision will increase the amount of deliveries to 21 instead of two, with the remaining eight units to be delivered in 2006. The schedule change would become effective in the third quarter of this year.

Embraer does not anticipate any resulting impact on its operational efficiency, since the revised delivery schedule will be effective in the second half of 2003. With this new scenario, Embraer is now revising its total deliveries forecasted for the years 2003 and 2004, which change respectively to 136 and 140 aircraft. Embraer will continue to review the risks and perspectives for the aviation market and to pursue new business opportunities in the United States, Europe, Asia and Latin America.

Taken from www.embraer.com

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Regards,
Primer

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