Embraer and Minsheng ink MoU

Embraer and Minsheng Financial Leasing a subsidiary
of China Minsheng Banking signed a Memorandum of Understanding (MoU) in a
ceremony at Embraer’s headquarters in São José dos Campos,
São Paulo, Brazil. According to the MoU,
Minsheng Financial Leasing intends to purchase up to 20 of Embraer’s full line
of executive jets. They are expected to be fully converted into firm orders in
the next five years and deliveries may commence in 2011.

“China’s business aviation market as
one of the greatest potential markets in the world continuing to signify the
importance of business aviation in a global economy. We are glad to be selected
as the partner of Minsheng Financial Leasing to jointly promote the development
of China’s
executive aviation market. Both parties have full confidence that Embraer’s
full line of state-of-the-art executive products will surely satisfy China’s
market demands, to which the deal itself eloquently witnesses,” said Ernest
Edwards, president, Embraer Executive Jets.

“This MoU laid a solid
foundation for Minsheng Financial Leasing to be the top executive aviation
leasing institution in Asia, and for Embraer to strengthen its penetration of China’s executive
aviation market. Our company will continuously expand its executive jets fleet
and Embraer will surely be our important partner. We look forward to a
long-term partnership with Embraer to jointly promote the robust development of
China’s executive aviation market by taking advantage of each party’s
strengths,” said Kong Linshan, chairman
Minsheng Financial Leasing.