EADS Global Website - Guidance 2011

	Targets
Revenues	above 2010 level (+4%)
Airbus deliveries	520 - 530 commercial aircraft
Airbus gross orders	around 1,500
*EBIT before one-off**	increasing (around 1.45 bn€)
EPS (at 1€=1.35$)	above 2010 level (€0.68)
EPS before one-off	around € 0.90 (above 2010 level: €0.86)
Free cash flow (before acquisitions)	above € 1.0 bn, at 1€ = 1.35$

EADS increases its latest orders, revenues, EBIT* before one-off and Free Cash Flow guidance given in July. In 2011, Airbus should deliver 520 to 530 commercial aircraft and its gross orders should be around 1,500.

EADS 2011 revenues should increase by more than 4 percent compared to € 45.8 billion in 2010.

EADS now expects 2011 EADS EBIT* before one-off to increase compared to the 2010 level, at around € 1.45 billion thanks to better than expected underlying commercial performance.

EADS expects 2011 Earnings per Share (EPS) before one-off to be around € 0.9, above the 2010 level (€ 0.86). Going forward, reported EBIT* and EPS performance of EADS will be dependent on the Group’s ability to execute on the A400M, A380 and A350 XWB programmes, in line with the commitments made to its customers.

Reported EBIT* and EPS also depend on exchange rate fluctuations. As previously communicated, at € 1 = $ 1.35, the 2011 EPS should be above the 2010 level of € 0.68 and at € 1 = $ 1.45, it may be below.

Free Cash Flow before investment for acquisitions is now expected to be significantly above € 1 billion.

Latest reviews confirm that in 2012, the Group expects a significant improvement in its EBIT* before one-off thanks to higher volume, better pricing and improvement of A380 performance at Airbus.

* EADS uses EBIT pre goodwill impairment and exceptionals as a key indicator of its economic performance. The term “exceptionals” refers to such items as depreciation expenses of fair value adjustments relating to the EADS merger, the Airbus Combination and the formation of MBDA, as well as impairment charges thereon.

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