EADS Global Website - Guidance July 2011

	Targets
Revenues	above 2010 level
Airbus deliveries	520 - 530 commercial aircraft
Airbus gross orders	above 1,000
*EBIT before one-off**	stable (around 1.3 bn€)
EPS	above 2010 level (€0.68)
Free cash flow (before acquisitions)	€ 1.0 bn, at 1€ = 1.35$

EADS confirms or improves the various components of its 2011 guidance based on an assumption of € 1 = $ 1.35 for the year-end closing spot rate.

In 2011, Airbus should deliver 520 to 530 commercial aircraft. Thanks to the ongoing commercial momentum, Airbus now expects its gross orders to be above 1,000. EADS’ 2011 revenues should be above the 2010 revenues.

EADS still expects 2011 EBIT* before one-off to remain stable compared to the 2010 level, at around € 1.3 billion. H2 EBIT* before one-off at Airbus will be clearly positive but lower than in H1 due to higher R&D expenses and a less favourable mix.

Going forward, reported EBIT* and Earnings Per Share (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. At € 1 = $ 1.35, EADS expects 2011 EPS to be above the 2010 level of € 0.68; it may be below the 2010 level at € 1 = $ 1.45.

EADS is increasing its Free Cash Flow guidance. Free Cash Flow is now expected to be around € 1 billion before any investment for acquisitions.

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 income or expenses of a non-recurring nature, such as amortization expenses of fair value adjustments relating to the EADS merger, the formation of Airbus S.A.S. and the formation of MBDA, and impairment charges

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