Aerospace and Airlines

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1 OverviewOverview\Wright Industry Averages - Overview Wright Industry Averages: Aerospace and Airlines (Europe) Prepared May 16, 2011 Background Wright Industry Averages are a compilation of data derived from the CorporateInformation global research service developed and marketed by Wright Investors' Service. CorporateInformation consists of research reports on over 30,000 publicly traded companies in 59 countries. The primary source of the data contained in the Wright Industry Averages is the Thomson Reuters Worldscope Database which Wright Investors' Service developed over 20 years ago and subsequently sold to Thomson. Major Industry Identification The Wright Industry Averages are developed on 28 Major Industries: Advertising and Public Relations Aerospace and Airlines Apparel, Clothing and Textiles Automotive Chemicals Computers and Software Construction Electrical Equipment and Appliances Electronics Energy, Oil, Gas and Electricity Food and Beverages Furniture Glass Health, Medicine and Pharmaceuticals Machinery and Industrial Equipment Media, News, Broadcasting and Publications Metals and Mining (Non-Ferrous) Paper and Printing Railroads Recreation and Entertainment Restaurants and Hotels Retail and Wholesale Rubber and Plastic Shipping and Shipbuilding Steel Telecommunications Tobacco Trucking and Freight Wright Industry Averages are available for each of the 28 industries on a global basis. Where there are a significant number of companies in the industry (a minimum of 15), Wright Industry Averages reports are also compiled on a regional basis. The seven regions for which Wright Industry Averages are compiled are: Africa, Asia, Australasia, Europe, Latin America, Middle East and North America. Industry Averages reports are also available for the United States. Sub-Industry Averages - Identification There are over 160 sub-industry groupings within the CorporateInformation research service. These sub-industries are identified at Advanced-Search.aspx. When there are a significant number of companies (a minimum of 15), Wright Industry Averages will be compiled on select sub-industries on a global and in some cases a regional and national basis. An example of a typical sub-industry is Exploration, Drilling Service and Equipment within the Energy, Oil, Gas and Electricity major industry sector.

2 Reports Contained in Wright Industry Averages The following 19 reports are prepared for each Industry sector. Summary Analysis Income Statement (4) Balance Sheet (4) Sources of Capital Sales Analysis Key Ratios: Market Price, Earnings, Book Value,Dividends Actual Values, Common Size, Year-to-Year Percent Change and Five (5) Year Averages Actual Values, Common Size, Year-to-Year Percent Change and Five (5) Year Averages Actual Values, Common Size, Year-to-Year Net Changes, Yearto-Year Percent Changes, Cash Flow(Operating, Financing and Investing Activities) Sales, Cost of Goods Sold, EBITDA, Net Income Available to Common Shareholders, Employee Efficiency Financial Ratio Reports (8) Accounting Ratios, Asset Utilization, Employee Efficiency, Fixed Charges Coverage, Leverage Analysis, Liquidity Analysis, Per Share Data, Profitability Analysis Fiscal Year and Currency The Wright Industry Averages Reports are compiled on a fiscal year basis. Companies ending their fiscal year in January are grouped with the prior year's reports. The values for 2007 for example are contributed by those companies that ended their fiscal year after 31 January 2007 and prior to 1 February The values shown for all reports are presented in U.S. dollars. Data Compilation Steps Followed in Development of Industry Averages Reports: 1. All companies with less than $1 million (U.S.) in Net Sales were excluded from the study. 2a. All currency items (e.g. Total Assets) in the financial statements (i.e. Balance Sheet, Income Statement and Sources of Capital reports) were converted to U.S. Dollars using an average exchange rate for each fiscal year. 2b. A sum (aggregate value) was computed for all financial statement items by totaling the values reported by each company in the industry. 2c. Industry Average report values were computed by dividing the aggregate values (Step 2b) by the number of companies reporting. 3. Non-currency items (e.g. Total Shares Outstanding) represent the arithmetic average of values reported by all companies. Ratios (other than per share ratios) were computed by using in the numerator and denominator values that represent the aggregate total for all of the companies in the industry. 4. Per share ratios are computed by using in the numerator a specific value that represents the aggregate sum for all companies in the industry divided by the aggregate value of the

3 average number of appropriate common shares for each company. 5. Income Statement Adjustments Most companies in the industry reported Operating Income along with the major components that go into the calculation of Operating Income. For the minority of companies that did not report all underlying cost components those components were derived, where possible, utilizing the reported items. For example, if Cost of Goods Sold was not reported it was derived on a company-specific basis from the other reported items (i.e. Sales, Gross Income and Depreciation, Depletion & Amortization). The derived value was then included in the calculation of the industry average. The Income Statement data items that were derived in the manner explained above include: Cost of Goods Sold, Depreciation, Depletion & Amortization, Gross Income, Selling, General & Administrative Expenses and Other Operating Expenses. A field identified as "Other Costs" was added to the Income Statement to identify production and/or service costs not classified as "Cost of Goods Sold" or "Depreciation, Depletion & Amortization". Company Listing An alphabetical listing of companies showing the years in which the companies' information is represented in the Industry Averages is included. Industry Leaders There are three reports presenting the Leading Companies in the Aerospace and Airlines industry based on Net Sales, Total Assets and Market Capitalization. Glossary A Glossary containing the definition of terms used in the Industry Averages reports is provided. Sales/Marketing Support A Wright Comprehensive Report for each company is available for purchase. It contains company-specific information, in a similar format to the information contained in the Industry Averages reports. Any questions pertaining to the structure and content of the Wright Industry Averages products should be addressed to John Connolly, CFA, Vice President, Wright Investors'Service, 440 Wheelers Farms Rd, Milford, CT, USA, , Copyright Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

4 Overview\Summary Analysis Summary Analysis: Aerospace and Airlines Industry Averages (Europe) Figures are expressed on a Per Share Basis in U.S. Dollars. Fiscal Year Market Prices High Low Average Last Value Ratios High Price / Earnings Low Price / Earnings Average Price / Earnings Last Price / Earnings Average Price / Book Value Last Price / Book Value Dividends / Average Price (Dividend Yield) 2.1% 0.4% 1.1% 1.7% 1.9% 1.8% Dividends / Last Price (Dividend Yield) 2.2% 2.8% 1.2% 1.6% 1.9% 2.0% Common Equity Earned Equity Growth -43.0% 9.3% 340.6% 16.4% 220.0% 11.1% Return on Equity 21.1% 13.6% 452.8% 29.0% 299.5% 20.3% Book Value Common Shares (in millions) Common Shares Outstanding Common Shares Used to Compute EPS Common Stock Earnings Earnings per Share Percent Change -90.4% -25.3% 13.5% 8.0% 108.1% 415.4% Income Tax Rate 58.0% 26.5% 23.7% 26.2% 28.8% 41.2% Common Stock Dividends Dividends per Share Percent Change -14.6% 23.8% -11.0% 8.8% 21.1% -11.1% Total Common Dividends (in millions of US$)

5 Dividends / Earnings (% Payout) 308.1% 34.7% 21.0% 26.7% 26.5% 45.6% Capital Expenditure (in millions of US$) Sales Sales (in millions of US$) 6, , , , , ,675.8 Percent Change -0.8% 3.3% 11.1% 16.4% 1.5% 8.5% Sales per Share Percent Change -3.7% 2.3% 13.5% 11.1% -0.6% 11.2% Copyright Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

6 Financial Statement AnalysesFinancial Statement Analyses\Income Statement - (Actual Values) Income Statement - (Actual Values): Aerospace and Airlines Industry Averages (Europe) All figures in millions of U.S. Dollars. Fiscal Year Net Sales or Revenues 6, , , , , ,675.8 Cost of Goods Sold 5, , , , , ,418.4 Depreciation, Depletion & Amortization Other Costs Gross Income , , , Selling, General & Administrative Expenses Other Operating Expenses Operating Expenses - Total 6, , , , , ,493.0 Operating Income Extraordinary Credit - Pretax Extraordinary Charge - Pretax Non-Operating Interest Income Reserves - Increase/Decrease Pretax Equity in Earnings Other Income/Expense - Net Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) Earnings before Interest & Taxes(EBIT) Interest Expense on Debt Interest Capitalized Pretax Income Income Taxes Minority Interest Equity in Earnings After Tax Other Income/Expense Discontinued Operations Net Income before Extraordinary Items/Preferred Dividends Extraordinary Items & Gain/Loss Sale of Assets

7 Preferred Dividend Requirements Net Income after Preferred Dividends - available to Common Copyright Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

8 Financial Statement Analyses\Income Statement - (Common Size) Income Statement - (Common Size): Aerospace and Airlines Industry Averages (Europe) Figures are expressed as Percent of Net Sales or Revenues. Net Sales or Revenues are in millions of U.S. Dollars. Fiscal Year Net Sales or Revenues 6, , , , , ,675.8 Cost of Goods Sold 79.6% 75.3% 76.9% 75.2% 74.6% 73.1% Depreciation, Depletion & Amortization 4.9% 4.8% 5.0% 4.9% 5.8% 6.3% Other Costs -0.0% -0.1% -0.1% -0.2% -0.6% -0.1% Gross Income 15.5% 20.0% 18.2% 20.1% 20.2% 20.7% Selling, General & Administrative Expenses 9.6% 9.7% 8.5% 8.6% 9.4% 10.1% Other Operating Expenses 4.7% 4.8% 5.3% 6.3% 5.2% 6.7% Operating Expenses - Total 98.8% 94.7% 95.7% 95.0% 95.0% 96.1% Operating Income 1.2% 5.4% 4.4% 5.2% 5.6% 4.0% Extraordinary Credit - Pretax 1.8% 0.9% 0.8% 1.1% 0.8% 0.1% Extraordinary Charge - Pretax 2.5% 3.4% 1.1% 2.2% 1.5% 1.1% Non-Operating Interest Income 0.8% 1.2% 1.3% 1.1% 1.0% 0.9% Reserves - Increase/Decrease -0.0% -0.0% -0.0% -0.0% -0.0% -0.0% Pretax Equity in Earnings 0.0% 0.1% 0.1% 0.2% 0.4% 0.1% Other Income/Expense - Net -0.7% -1.4% -1.2% -1.6% -1.1% -1.4% Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) 6.9% 10.4% 11.6% 11.7% 12.6% 11.4% Earnings before Interest & Taxes(EBIT) 1.9% 5.6% 6.8% 7.0% 7.4% 5.3% Interest Expense on Debt 1.5% 1.6% 1.7% 1.8% 1.9% 1.9% Interest Capitalized 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Pretax Income 0.5% 4.1% 5.0% 5.2% 5.5% 3.4% Income Taxes 0.3% 1.1% 1.2% 1.4% 1.6% 1.4% Minority Interest 0.0% 0.0% 0.1% 0.1% 0.2% 0.2% Equity in Earnings 0.2% 0.1% 0.3% 0.3% 0.4% 0.2% After Tax Other Income/Expense 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Discontinued Operations -0.1% -0.1% 0.0% 0.1% 0.0% 0.0% Net Income before Extraordinary Items/Preferred Dividends 0.3% 3.0% 4.1% 4.1% 4.2% 2.0%

9 Extraordinary Items & Gain/Loss Sale of Assets 0.0% -0.1% 0.2% 1.2% 0.0% 0.0% Preferred Dividend Requirements 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Net Income after Preferred Dividends - available to Common 0.3% 3.0% 4.1% 4.1% 4.2% 2.0% Copyright Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

10 Financial Statement Analyses\Income Statement - (Year-Year % Change) Income Statement - (Year to Year Percent Change): Aerospace and Airlines Industry Averages (Europe) Figures are the Percent Changes from the Prior Year. Fiscal Year Net Sales or Revenues -0.8% 3.3% 11.1% 16.4% 1.5% 8.5% Cost of Goods Sold 4.9% 1.1% 13.6% 17.3% 3.6% 7.5% Depreciation, Depletion & Amortization 1.3% 0.7% 12.6% -1.4% -6.3% -16.4% Other Costs Gross Income % 13.2% 0.5% 16.1% -1.1% 17.7% Selling, General & Administrative Expenses -1.3% 18.0% 9.7% 6.1% -4.9% 28.3% Other Operating Expenses -4.3% -6.0% -6.4% 42.3% -21.5% -16.0% Operating Expenses - Total 3.6% 2.2% 11.8% 16.4% 0.3% 5.2% Operating Income % 27.3% -6.2% 8.7% 42.2% 119.4% Extraordinary Credit - Pretax 84.8% 21.9% -17.6% 63.8% 613.2% 33.7% Extraordinary Charge - Pretax Non-Operating Interest Income Reserves - Increase/Decrease Pretax Equity in Earnings Other Income/Expense - Net Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) Earnings before Interest & Taxes (EBIT) % % % % % 219.7% -43.0% 73.1% 34.1% -3.9% -3.8% 28.4% 27.2% 21.5% -11.2% -31.2% -21.5% -38.7% 390.2% -26.8% -8.2% 10.7% 8.2% 11.5% 14.7% -14.0% 6.7% 10.8% 42.4% 51.9% Interest Expense on Debt -7.2% -7.7% 4.5% 13.5% -0.8% -5.3% Interest Capitalized Pretax Income Income Taxes % % % 61.9% 11.9% 50.3% 15.6% -42.1% -15.8% 6.8% 10.0% 65.7% 134.5% -5.5% -3.5% 0.2% 15.7% 29.1%

11 Minority Interest % -43.4% 3.0% -34.1% -10.3% 108.5% Equity in Earnings 30.3% -56.3% 32.1% -28.2% 94.3% 44.8% After Tax Other Income/Expense % Discontinued Operations - 24,023,270.9% % 1,445.5% Net Income before Extraordinary Items/Preferred Dividends Extraordinary Items & Gain/Loss Sale of Assets % -24.8% 10.6% 13.1% 110.9% 376.7% % -81.0% 158,687.6% Preferred Dividend Requirements % -55.3% 15.0% -5.2% 1.5% Net Income after Preferred Dividends - available to Common % -24.6% 11.0% 13.1% 112.5% 403.0% Copyright Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

12 Financial Statement Analyses\Income Statement - (Five-Year Averages) Income Statement - (5 Year Averages): Aerospace and Airlines Industry Averages (Europe) Figures in millions of U.S. Dollars. Fiscal Year Net Sales or Revenues 5, , , , , ,497.6 Cost of Goods Sold 4, , , , , ,269.0 Depreciation, Depletion & Amortization Other Costs Gross Income 1, , Selling, General & Administrative Expenses Other Operating Expenses Operating Expenses - Total 5, , , , , ,423.3 Operating Income Extraordinary Credit - Pretax Extraordinary Charge - Pretax Non-Operating Interest Income Reserves - Increase/Decrease Pretax Equity in Earnings Other Income/Expense - Net Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) Earnings before Interest & Taxes(EBIT) Interest Expense on Debt Interest Capitalized Pretax Income Income Taxes Minority Interest Equity in Earnings After Tax Other Income/Expense Discontinued Operations Net Income before Extraordinary Items/Preferred Dividends Extraordinary Items & Gain/Loss Sale of Assets

13 Preferred Dividend Requirements Net Income after Preferred Dividends - available to Common Copyright Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

14 Financial Statement Analyses\Balance Sheet - (Actual Values) Balance Sheet - (Actual Values): Aerospace and Airlines Industry Averages (Europe) All figures in millions of U.S. Dollars. Fiscal Year Assets Total Assets 8, , , , , ,587.4 Cash & Short Term Investments 1, , , , , ,533.6 Cash Short Term Investments Receivables (Net) , , Inventories -Total 1, , , Raw Materials Work in Process Finished Goods Progress Payments & Other Prepaid Expenses Other Current Assets Current Assets - Total 3, , , , , ,884.9 Long Term Receivables Investment in Associated Companies Other Investments Property Plant and Equipment - Gross 4, , , , , ,998.2 Accumulated Depreciation 2, , , , , ,795.7 Property Plant and Equipment Net 2, , , , , ,202.5 Other Assets 1, , , , , ,013.2 Deferred Charges Tangible Other Assets Intangible Other Assets 1, , , , Total Assets 8, , , , , ,587.4 Liabilities & Shareholders' Equity Total Liabilities & Shareholders' Equity 8, , , , , ,587.4 Accounts Payable

15 Short Term Debt & Current Portion of Long Term Debt Accrued Payroll Income Taxes Payable Dividends Payable Other Current Liabilities 2, , , , , ,221.9 Current Liabilities - Total 3, , , , , ,144.7 Long Term Debt 1, , , , , ,133.5 Long Term Debt Excluding Capitalized Leases 1, Capitalized Lease Obligations Provision for Risks and Charges Deferred Income Deferred Taxes Deferred Tax Liability in Untaxed Reserves 0.0 Other Liabilities Total Liabilities 6, , , , , ,554.5 Non-Equity Reserves Minority Interest Preferred Stock Preferred Stock Issued for ESOP ESOP Guarantees - Preferred Issued Common Equity 1, , , , , ,909.3 Total Liabilities & Shareholders' Equity 8, , , , , ,587.4 Copyright Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

16 Financial Statement Analyses\Balance Sheet - (Common Size) Balance Sheet - (Common Size): Aerospace and Airlines Industry Averages (Europe) Figures are expressed as Percent of Total Assets. Total Assets are in millions of U.S. Dollars. Fiscal Year Assets Total Assets 8, , , , , ,587.4 Cash & Short Term Investments 17.4% 17.4% 17.7% 18.1% 18.4% 23.3% Cash 8.4% 10.9% 11.1% 11.4% 11.2% 13.3% Short Term Investments 9.0% 6.5% 6.6% 6.7% 7.2% 10.0% Receivables (Net) 10.7% 11.7% 12.8% 12.1% 10.6% 11.4% Inventories -Total 13.5% 12.7% 13.0% 12.1% 11.3% 6.8% Raw Materials 2.1% 2.1% 1.9% 1.6% 1.6% 1.7% Work in Process 8.2% 7.5% 7.9% 8.0% 7.4% 11.7% Finished Goods 1.9% 1.9% 1.8% 1.6% 1.7% 1.8% Progress Payments & Other 1.4% 1.1% 1.4% 0.8% 0.5% -8.4% Prepaid Expenses 0.6% 0.5% 0.5% 0.5% 0.3% 0.8% Other Current Assets 0.8% 1.1% 0.8% 1.2% 1.4% 1.5% Current Assets - Total 43.2% 43.4% 44.8% 44.1% 42.0% 43.8% Long Term Receivables 1.7% 1.5% 1.0% 1.8% 1.5% 2.0% Investment in Associated Companies 3.2% 2.3% 2.3% 2.9% 4.8% 4.4% Other Investments 5.9% 6.4% 6.4% 5.4% 3.1% 1.0% Property Plant and Equipment - Gross 51.2% 51.7% 50.8% 52.3% 56.8% 60.7% Accumulated Depreciation 22.7% 22.2% 22.4% 22.7% 24.8% 27.3% Property Plant and Equipment Net 28.5% 29.5% 28.4% 29.6% 32.0% 33.4% Other Assets 17.5% 16.9% 17.1% 16.1% 16.6% 15.4% Deferred Charges 2.2% 2.3% 2.4% 2.1% 1.7% 2.3% Tangible Other Assets 0.2% 0.1% 0.3% 0.4% 1.6% 0.2% Intangible Other Assets 15.1% 14.7% 14.6% 13.8% 13.9% 13.8% Total Assets 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Liabilities & Shareholders' Equity Total Liabilities & Shareholders' Equity 8, , , , , ,587.4

17 Accounts Payable 7.7% 8.1% 8.1% 8.3% 8.1% 8.4% Short Term Debt & Current Portion of Long Term Debt 4.9% 3.3% 3.1% 3.8% 3.9% 3.3% Accrued Payroll 0.5% 0.8% 0.8% 0.3% 0.7% 0.6% Income Taxes Payable 0.7% 0.8% 0.8% 1.3% 1.1% 1.3% Dividends Payable 0.0% 0.0% 0.0% 0.0% 0.0% 0.2% Other Current Liabilities 30.6% 29.1% 27.1% 25.7% 25.1% 18.5% Current Liabilities - Total 44.4% 42.1% 39.9% 39.5% 38.9% 32.6% Long Term Debt 15.4% 14.1% 13.5% 14.7% 17.4% 17.2% Long Term Debt Excluding Capitalized Leases 11.4% 10.6% 10.6% 9.3% 11.7% 12.4% Capitalized Lease Obligations 4.0% 3.5% 2.9% 5.4% 5.7% 4.8% Provision for Risks and Charges 9.4% 7.9% 8.4% 11.5% 11.5% 11.0% Deferred Income 0.6% 0.7% 0.9% 1.1% 1.1% 0.6% Deferred Taxes -1.0% 0.6% 1.2% 0.5% 0.4% 2.0% Deferred Tax Liability in Untaxed Reserves 0.0% Other Liabilities 9.0% 8.3% 7.9% 6.8% 6.5% 5.8% Total Liabilities 77.7% 73.7% 71.8% 74.0% 75.7% 69.1% Non-Equity Reserves 0.0% 0.0% 0.0% 0.0% 0.4% 0.0% Minority Interest 0.3% 0.3% 0.3% 0.4% 0.5% 1.6% Preferred Stock 0.0% 0.0% 0.0% 0.2% 0.2% 0.3% Preferred Stock Issued for ESOP ESOP Guarantees - Preferred Issued Common Equity 22.0% 26.0% 27.9% 25.4% 23.3% 29.0% Total Liabilities & Shareholders' Equity 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Copyright Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

18 Financial Statement Analyses\Balance Sheet - (Year-Year % Change) Balance Sheet - (Year to Year Percent Change): Aerospace and Airlines Industry Averages (Europe) Figures are the Percent Changes from the Prior Year. Fiscal Year Assets Total Assets 1.3% 0.8% 12.1% 10.4% 6.1% 7.4% Cash & Short Term Investments 1.4% -0.9% 9.5% 9.1% -16.3% 23.8% Cash -21.6% -1.4% 9.4% 13.1% -11.0% 12.4% Short Term Investments 39.9% -0.0% 9.7% 2.8% -23.4% 43.3% Receivables (Net) -7.1% -7.9% 18.5% 26.1% -1.0% 0.9% Inventories -Total 8.3% -1.8% 20.7% 18.1% 77.2% 2.4% Raw Materials 0.7% 12.2% 32.9% 10.1% 4.3% 1.9% Work in Process 9.6% -3.9% 10.8% 18.7% -32.4% 8.3% Finished Goods 2.4% 4.0% 24.6% 6.1% -0.5% % Progress Payments & Other 23.8% % 83.6% 70.9% Prepaid Expenses 20.1% 19.7% 0.6% 69.8% -58.5% 14.8% Other Current Assets -24.3% 29.0% -25.6% -0.8% -3.5% % Current Assets - Total 0.7% -2.4% 14.0% 16.0% 1.7% 11.9% Long Term Receivables 13.9% 52.7% -37.9% 30.3% -19.5% 2.6% Investment in Associated Companies 44.6% -0.3% -10.8% % 15.3% 1.3% Other Investments -6.1% 1.6% 31.5% 90.3% 243.2% -4.3% Property Plant and Equipment - Gross 0.3% 2.6% 9.0% 1.7% -0.8% 6.1% Accumulated Depreciation 3.5% -0.1% 10.8% 0.9% -3.4% 7.6% Property Plant and Equipment Net -2.2% 4.6% 7.5% 2.4% 1.4% 5.0% Other Assets 4.6% -0.1% 18.8% 7.6% 14.3% 3.7% Deferred Charges -4.4% -2.0% 26.7% 36.9% -20.6% 19.4% Tangible Other Assets 317.5% % -16.1% % 703.4% % Intangible Other Assets 4.7% 1.1% 18.6% 9.7% 7.1% 2.8% Total Assets 1.3% 0.8% 12.1% 10.4% 6.1% 7.4%

19 Liabilities & Shareholders' Equity Total Liabilities & Shareholders' Equity 1.3% 0.8% 12.1% 10.4% 6.1% 7.4% Accounts Payable -3.1% -0.0% 10.6% 12.9% 1.4% 18.5% Short Term Debt & Current Portion of Long Term Debt 48.5% 8.8% -9.9% 7.7% 24.2% -4.0% Accrued Payroll -33.3% -4.6% 184.3% % 14.2% 72.4% Income Taxes Payable -6.3% -1.2% -33.3% 35.2% -14.8% 22.2% Dividends Payable 62.7% % 14.8% % -98.1% -9.5% Other Current Liabilities 6.2% 8.4% 18.4% 13.2% 43.3% 4.0% Current Liabilities - Total 6.8% 6.2% 13.5% 12.0% 26.8% 7.9% Long Term Debt 10.5% 5.3% 3.0% -6.6% 7.0% 4.9% Long Term Debt Excluding Capitalized Leases 9.2% 0.8% 27.4% % -0.2% 11.2% Capitalized Lease Obligations 14.2% 21.5% -39.3% 4.2% 25.7% -8.4% Provision for Risks and Charges 19.1% -5.0% -17.4% 10.4% 10.8% 0.2% Deferred Income -4.9% Deferred Taxes % Deferred Tax Liability in Untaxed Reserves % % -5.7% 5.1% 107.8% 73.5% 150.8% 49.8% -79.7% 15.9% Other Liabilities 9.2% 6.1% 29.5% 17.2% 17.7% 10.5% Total Liabilities 6.8% 3.5% 8.8% 8.0% 16.1% 6.6% Non-Equity Reserves 971.8% 20.4% 25.8% % 3,503.2% -2.1% Minority Interest -4.8% -0.7% -23.3% 1.0% -69.5% 4.1% Preferred Stock 72,926.2% % % 11.8% -36.1% 3.1% Preferred Stock Issued for ESOP ESOP Guarantees - Preferred Issued Common Equity -14.3% -6.0% 23.1% 20.5% -14.9% 9.4% Total Liabilities & Shareholders' Equity 1.3% 0.8% 12.1% 10.4% 6.1% 7.4% Copyright Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

20 Financial Statement Analyses\Balance Sheet - (Five-Year Averages) Balance Sheet - (5 Year Averages): Aerospace and Airlines Industry Averages (Europe) Figures in millions of U.S. Dollars. Fiscal Year Assets Total Assets 8, , , , , ,235.8 Cash & Short Term Investments 1, , , , , ,127.0 Cash Short Term Investments Receivables (Net) Inventories -Total 1, Raw Materials Work in Process Finished Goods Progress Payments & Other Prepaid Expenses Other Current Assets Current Assets - Total 3, , , , , ,526.5 Long Term Receivables Investment in Associated Companies Other Investments Property Plant and Equipment - Gross 4, , , , , ,808.6 Accumulated Depreciation 1, , , , , ,614.6 Property Plant and Equipment Net 2, , , , , ,193.9 Other Assets 1, , , , , ,028.3 Deferred Charges Tangible Other Assets Intangible Other Assets 1, , , Total Assets 8, , , , , ,235.8 Liabilities & Shareholders' Equity Total Liabilities & Shareholders' Equity 8, , , , , ,235.8 Accounts Payable

21 Short Term Debt & Current Portion of Long Term Debt Accrued Payroll Income Taxes Payable Dividends Payable Other Current Liabilities 2, , , , , ,229.2 Current Liabilities - Total 3, , , , , ,167.3 Long Term Debt 1, , , , , ,139.5 Long Term Debt Excluding Capitalized Leases Capitalized Lease Obligations Provision for Risks and Charges Deferred Income Deferred Taxes Deferred Tax Liability in Untaxed Reserves Other Liabilities Total Liabilities 6, , , , , ,387.6 Non-Equity Reserves Minority Interest Preferred Stock Preferred Stock Issued for ESOP ESOP Guarantees - Preferred Issued Common Equity 2, , , , , ,759.4 Total Liabilities & Shareholders' Equity 8, , , , , ,235.8 Copyright Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

22 Financial Statement Analyses\Sources of Capital Sources of Capital: Aerospace and Airlines Industry Averages (Europe) Currency figures are in millions of U.S. Dollars. Year to year % changes pertain to reported Balance Sheet values. Fiscal Year Actual Values Total Capital 3, , , , , ,166.4 Long Term Debt 1, , , , , ,133.5 Minority Interest Preferred Stock Common Equity 1, , , , , ,909.3 Percent of Total Capital Long Term Debt 40.8% 34.9% 32.4% 36.1% 42.2% 35.8% Minority Interest 0.7% 0.7% 0.7% 1.0% 1.1% 3.3% Preferred Stock 0.0% 0.0% 0.0% 0.4% 0.4% 0.6% Common Equity 58.4% 64.4% 66.9% 62.5% 56.5% 60.3% Total Capital 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Year to Year Net Changes (in millions of U.S. Dollars) Long Term Debt Minority Interest Preferred Stock Common Equity Total Capital Year to Year Percent Changes Long Term Debt 10.5% 5.3% 3.0% -6.6% 7.0% 4.9% Minority Interest -4.8% -0.7% -23.3% 1.0% -69.5% 4.1% Preferred Stock 72,926.2% -26.4% % 11.8% -36.1% 3.1% Common Equity -14.3% -6.0% 23.1% 20.5% -14.9% 9.4% Total Capital -5.6% -2.3% 14.9% 9.0% -9.1% 7.5% Total Liabilities & Common Equity Total Liabilities 6, , , , , ,554.5

23 Net Change in Liabilities as % of Total Liabilities 6.3% 3.4% 8.1% 7.4% 13.9% 6.2% Common Equity 1, , , , , ,909.3 Net Change in Common Equity as % of Common Equity -16.7% -6.4% 18.8% 17.0% -17.5% 8.6% Cash Flow Operating Activities Financing Activities Investing Activities Copyright Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

24 Financial Statement Analyses\Sales Analysis Sales Analysis: Aerospace and Airlines Industry Averages (Europe) Figures are expressed in thousands of U.S. Dollars. Values per Employee are in U.S. Dollars. Fiscal Year Sales 6,286,607 6,335,266 6,134,507 5,522,256 4,745,526 4,675,836 Percent Change -0.8% 3.3% 11.1% 16.4% 1.5% 8.5% Cost of Goods Sold 5,004,846 4,771,640 4,717,800 4,154,076 3,541,220 3,418,357 Percent of Sales 79.6% 75.3% 76.9% 75.2% 74.6% 73.1% Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) 430, , , , , ,175 Percent of Sales 6.9% 10.4% 11.6% 11.7% 12.6% 11.4% Net Income after Preferred Dividends - available to Common 18, , , , ,460 93,391 Percent of Sales 0.3% 3.0% 4.1% 4.1% 4.2% 2.0% Employees 19,278 19,692 19,164 18,949 18,986 17,626 Sales per Employee 326, , , , , ,287 Net Income per Employee 966 9,537 13,000 11,844 10,453 5,299 Copyright Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

25 Financial Ratio AnalysesFinancial Ratio Analyses\Accounting Ratios Accounting Ratios: Aerospace and Airlines Industry Averages (Europe) Fiscal Year Receivables Turnover Receivables - Number of Days Inventory Turnover Inventory - Number of Days Gross Property, Plant & Equipment Turnover Net Property, Plant & Equipment Turnover Depreciation, Depletion & Amortization % of Gross Property, Plant & Equipment Depreciation, Depletion & Amortization Year to Year Change (in millions of U.S.$) Depreciation, Depletion & Amortization Year to Year % Change Accumuled Depreciation % of Gross Property, Plant & Equipment 6.9% 6.8% 6.9% 6.7% 6.9% 7.3% % 0.7% 12.6% -1.4% -6.3% -16.4% 44.4% 43.0% 44.1% 43.4% 43.7% 44.9% Copyright Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

26 Financial Ratio Analyses\Asset Utilization Asset Utilization: Aerospace and Airlines Industry Averages (Europe) Figures are expressed as the ratio of Net Sales. Net Sales are in millions of U.S. Dollars. Fiscal Year Net Sales 6, , , , , ,675.8 Cash & Cash Equivalents 24.5% 24.0% 25.0% 25.3% 27.0% 32.8% Short-Term Investments 12.6% 9.0% 9.3% 9.4% 10.6% 14.1% Accounts Receivable 15.1% 16.1% 18.1% 17.0% 15.6% 16.0% Inventories 19.0% 17.4% 18.3% 16.9% 16.6% 9.5% Other Current Assets 1.1% 1.5% 1.2% 1.7% 2.0% 2.2% Total Current Assets 60.6% 59.7% 63.2% 61.6% 61.8% 61.7% Total Long Term Receivables & Investments 15.3% 14.0% 13.6% 14.1% 13.9% 10.4% Long Term Receivables 2.4% 2.1% 1.4% 2.5% 2.3% 2.8% Investments in Associated Companies 4.5% 3.1% 3.2% 4.0% 7.0% 6.2% Other Investments 8.3% 8.8% 9.0% 7.6% 4.6% 1.4% Property, Plant & Equipment - Gross 71.9% 71.2% 71.7% 73.1% 83.6% 85.5% Accumulated Depreciation 31.9% 30.6% 31.6% 31.7% 36.6% 38.4% Property Plant & Equipment - Net 40.0% 40.6% 40.1% 41.4% 47.0% 47.1% Other Assets 24.6% 23.3% 24.1% 22.6% 24.4% 21.7% Total Assets 140.5% 137.7% 141.0% 139.7% 147.2% 140.9% Copyright Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

27 Financial Ratio Analyses\Employee Efficiency Employee Efficiency: Aerospace and Airlines Industry Averages (Europe) Values per Employee are in U.S. Dollars. Fiscal Year Employees 19,278 19,692 19,164 18,949 18,986 17,626 Values per Employee Sales 326, , , , , ,287 Net Income 966 9,537 13,000 11,844 10,453 5,299 Cash Earnings 19,106 31,141 30,962 25,134 25,455 25,021 Working Capital -5,607 5,811 22,100 18,892 11,308 41,997 Total Debt 92,698 77,093 74,774 75,342 78,305 76,829 Total Capital 172, , , , , ,648 Total Assets 458, , , , , ,742 Year to Year % Change per Employee Employees -2.1% 2.8% 1.1% -0.2% 7.7% -12.0% Sales 1.4% 0.5% 9.8% 16.6% -5.8% 23.3% Net Income -89.9% -26.6% 9.8% 13.3% 97.3% 471.3% Cash Earnings -38.6% 0.6% 23.2% -1.3% 1.7% 26.2% Working Capital % -73.7% 17.0% 67.1% -73.1% 42.1% Total Debt 20.2% 3.1% -0.8% -3.8% 1.9% 17.4% Total Capital -3.5% -4.9% 13.6% 9.2% -15.7% 22.2% Total Assets 3.5% -1.9% 10.9% 10.7% -1.5% 21.9% Copyright Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

28 Financial Ratio Analyses\Fixed Charges Coverage Fixed Charges Coverage: Aerospace and Airlines Industry Averages (Europe) Fiscal Year EBIT/Total Interest Expense EBIT/Net Interest EBIT/(Total Interest Exp + Pfd Div) EBIT/Dividends on Common Shares EBIT/(Dividends on Common + Pfd) EBITDA/Total Interest Expense EBITDA/Net Interest EBITDA/(Total Interest Exp + Pfd Div) EBITDA/Dividends on Com Shares EBITDA/(Dividends on Com + Pfd) Copyright Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

29 Financial Ratio Analyses\Leverage Analysis Leverage Analysis: Aerospace and Airlines Industry Averages (Europe) Fiscal Year Long Term Debt % of EBIT 1,112.8% 344.8% 281.6% 291.6% 345.9% 460.5% Long Term Debt % of EBITDA 315.1% 187.4% 163.3% 175.5% 203.3% 211.8% Long Term Debt % of Total Assets 15.4% 14.1% 13.5% 14.7% 17.4% 17.2% Long Term Debt % of Total Capital 40.8% 34.9% 32.4% 36.1% 42.2% 35.8% Long Term Debt % of Com Equity 69.9% 54.2% 48.4% 57.8% 74.6% 59.4% Total Debt % of EBIT 1,464.7% 425.9% 345.7% 367.6% 424.1% 550.1% Total Debt % of EBITDA 414.8% 231.5% 200.5% 221.2% 249.2% 253.0% Total Debt % of Total Assets 20.2% 17.4% 16.6% 18.5% 21.3% 20.6% Total Debt % of Total Capital 53.7% 43.1% 39.8% 45.5% 51.7% 42.8% Total Debt % of Total Capital & Short Term Debt 53.7% 43.1% 39.8% 45.5% 51.7% 42.8% Total Debt % of Common Equity 92.0% 67.0% 59.4% 72.9% 91.5% 70.9% Minority Interest % of EBIT 19.3% 6.9% 6.0% 8.4% 9.2% 42.8% Minority Interest % of EBITDA 5.5% 3.8% 3.5% 5.0% 5.4% 19.7% Minority Interest % of Total Assets 0.3% 0.3% 0.3% 0.4% 0.5% 1.6% Minority Interest % of Total Capital 0.7% 0.7% 0.7% 1.0% 1.1% 3.3% Minority Interest % of Com Equity 1.2% 1.1% 1.0% 1.7% 2.0% 5.5% Preferred Stock % of EBIT 0.4% 0.0% 0.0% 3.2% 3.2% 7.1% Preferred Stock % of EDITDA 0.1% 0.0% 0.0% 1.9% 1.9% 3.3% Preferred Stock % of Total Assets 0.0% 0.0% 0.0% 0.2% 0.2% 0.3% Preferred Stock % of Total Capital 0.0% 0.0% 0.0% 0.4% 0.4% 0.6% Preferred Stock % of Total Equity 0.0% 0.0% 0.0% 0.6% 0.7% 0.9% Common Equity % of Total Assets 22.0% 26.0% 27.9% 25.4% 23.3% 29.0% Common Equity % of Total Capital 58.4% 64.4% 66.9% 62.5% 56.5% 60.3% Total Capital % of Total Assets 37.6% 40.4% 41.7% 40.7% 41.2% 48.1% Capital Expenditure % of Sales 6.1% 6.3% 6.1% 7.4% 6.8% 7.9% Fixed Assets % of Common Equity 129.6% 113.5% 102.0% 116.7% 137.3% 115.4% Working Capital % of Total Capital -3.3% 3.3% 11.8% 11.4% 7.5% 23.4% Dividend Payout 308.1% 34.7% 21.0% 26.7% 26.5% 45.6% Funds From Operations % of Total Debt 20.6% 40.4% 41.4% 33.4% 32.5% 32.6% Copyright Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site

30 may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

31 Financial Ratio Analyses\Liquidity Analysis Liquidity Analysis: Aerospace and Airlines Industry Averages (Europe) Fiscal Year Total Current Assets % Net Sales 60.6% 59.7% 63.2% 61.6% 61.8% 61.7% Cash % of Current Assets 19.6% 25.1% 24.9% 25.9% 26.6% 30.4% Cash & Equivalents % of Current Assets 40.4% 40.1% 39.5% 41.1% 43.7% 53.2% Quick Ratio Receivables % of Current Assets 24.9% 27.0% 28.6% 27.5% 25.3% 26.0% Receivable Turnover - number of days Inventories % of Current Assets 31.4% 29.2% 29.0% 27.4% 26.9% 15.4% Inventory Turnover - number of days Inventory to Cash & Equivalents - number of days Receivables % of Total Assets 10.7% 11.7% 12.8% 12.1% 10.6% 11.4% Current Ratio Total Debt % of Total Capital 53.7% 43.1% 39.8% 45.5% 51.7% 42.8% Funds from Operations % of Current Liabilities 9.4% 16.7% 17.2% 15.6% 17.8% 20.6% Funds from Operations % of Long Term Debt 27.1% 49.9% 50.8% 42.0% 39.9% 38.9% Funds from Operations % of Total Debt 20.6% 40.4% 41.4% 33.4% 32.5% 32.6% Funds from Operations % of Total Capital 11.1% 17.4% 16.5% 15.2% 16.8% 13.9% Cash Flow (in milllions of U.S. Dollars) Operating Activities Financing Activities Investing Activities Copyright Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

32 Financial Ratio Analyses\Per-Share Ratios Per Share Data: Aerospace and Airlines Industry Averages (Europe) Figures are expressed as per unit of respective shares. Figures are in U.S. Dollars. Fiscal Year Sales Operating Income Pre-tax Income Net Income (Continuing Operations) Net Income Before Extra Items Extraordinary Items Net Income After Extraordinary Items Net Income Available to Common Shares Fully Diluted Earnings Common Dividends Cash Earnings Book Value Retained Earnings Assets Copyright Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

33 Financial Ratio Analyses\Profitability Analysis Profitability Analysis: Aerospace and Airlines Industry Averages (Europe) Currency figures are in U.S. Dollars. Fiscal Year Gross Income Margin 15.5% 20.0% 18.2% 20.1% 20.2% 20.7% Operating Income Margin 1.2% 5.4% 4.4% 5.2% 5.6% 4.0% Pretax Income Margin 0.5% 4.1% 5.0% 5.2% 5.5% 3.4% EBIT Margin 1.9% 5.6% 6.8% 7.0% 7.4% 5.3% Net Income Margin 0.3% 2.8% 4.3% 5.3% 4.2% 2.0% Return on Equity - Total 21.1% 13.6% 452.8% 29.0% 299.5% 20.3% Return on Invested Capital 17.5% 10.1% 359.1% 22.5% 242.7% 13.3% Return on Assets 10.1% 6.0% 233.4% 13.5% 173.2% 6.9% Asset Turnover Financial Leverage 92.0% 67.0% 59.4% 72.9% 91.5% 70.9% Interest Expense on Debt 91,497,497 98,564, ,766, ,123,847 89,953,521 90,702,571 Effective Tax Rate 58.0% 26.5% 23.7% 26.2% 28.8% 41.2% Cash Flow % Sales 5.9% 9.7% 9.7% 8.6% 10.2% 9.4% Selling, General & Administrative Expenses % of Sales Research & Development Expense % of Sales Operating Income Return On Total Capital 9.6% 9.7% 8.5% 8.6% 9.4% 10.1% 2.9% 2.6% 3.4% 3.3% 3.4% 3.5% -5.6% -2.3% 14.9% 9.0% -9.1% 7.5% Copyright Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Financial Formulas. 5/2000 Chapter 3 Financial Formulas i

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