Leading market position as one of the two largest global manufacturers of large commercial aircraft. Robust market demand for commercial aircraft in recent years. Substantial backlog of orders of commercial aircraft worth about nine years of production, providing forward revenue visibility for the medium term. Significant development and manufacturing costs, as well as execution risks, cost overruns and long-delays, which arise in large programs. Below average profitability, high risk of volatility and exposure to changes in USD/EUR exchange rates. Our expectations of continued zero adjusted debt at year end 2014 and 2015. Supportive financial policy framework, but risk that policy decisions could weaken credit metrics. Exceptional liquidity supported by sizable cash and investments. Sizable ongoing investments in working capital and
