V - Obligation of keeping secrecy about the Relevant Information

14. The Bound People should keep secrecy about the Relevant Information that has not yet been disclosed, to which they have access due to their function or position occupied by them, until such Relevant Information is disclosed to the public, as well as see that their entrusted subordinates and third parties do so as well.

15. Even after being divulged to the public, the Relevant Information should be deemed as not having been disclosed until a reasonable period of time has elapsed, for the market participants' having received and processed the Relevant Information.

16. The Bound People should not discuss Relevant Information at public places. Likewise, the Bound People should only handle matters related to Relevant Information with persons who need to know the Relevant Information.

17. If any Bound Person verifies that a Relevant Information that has still not been disclosed to the public, has become known by people other than those who (i) originally were aware of it; and/or (ii) decided to keep confidential the Relevant Information, or if an atypical oscillation has occurred in the quotation, price or quantity negotiated of the Securities, such facts should be immediately communicated to the Compliance Officer, at Embraer.

18. Any breaches to this Policy on Negotiation, verified by the Bound People, should be immediately communicated to the Compliance Officer, at Embraer.

• I - Definitions and adhesion
• II - Purpose
• III - Obligation and responsibilities
• IV - Exception to disclosure of Relevant Information
• V - Obligation of keeping secrecy about the Relevant Information
• VI - Obligation of indemnifying