Holt aerospace & defense industry

Aviation & Aerospace Industry
Manufacturing Summit (AAIMS)
Setting the Stage
Rob Spingarn
Credit Suisse Aerospace & Defense Equity Research
(212) 538-1895, robert.spingarn@credit-suisse.com
October 16, 2013
DISCLOSURE APPENDIX CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS, INFORMATION ON TRADE ALERTS,
ANALYST MODEL PORTFOLIOS AND THE STATUS OF NON-U.S ANALYSTS. US Disclosure: Credit Suisse does and seeks to do business with
companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the
objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.
CREDIT SUISSE SECURITIES RESEARCH & ANALYTICS BEYOND INFORMATION™
Client-Driven Solutions, Insights, and Access
Credit Suisse has decided not to enter into business relationships with companies that Credit
Suisse has determined to be involved in the development, manufacture or acquisition of anti-
personnel mines and cluster munitions. For Credit Suisse's position on the issue, please see
https://www.credit-suisse.com/responsibility/doc/policy_summaries_en.pdf.

Date: 10/31/2013 Slide 2
My Role as a Sell-side Equity Analyst
Source: Credit Suisse research
• We form the Investment Theses for Stocks/Industries in a Coverage Universe
• Traditional sell-side firms such as Credit Suisse (CS) have analyst teams that
cover ~50+ industries.
• Aerospace & Defense is 1 of 60 sector teams at CS
• We provide investment recommendations through the following mechanisms:
• Buy/Sell/Hold Ratings
• Target Prices to value the equity embedded in a company
• Earnings & Cash Flow forecasts to define a path to the Target Price value
• Our clients are mutual funds, pension funds, and hedge funds that own and trade
stocks. They are collectively known as the “buy side”.

3
Your Role as Aerospace & Defense Suppliers
Defense Primes BizJets
Raytheon Company Bombardier Inc.
Northrop Grumman Corporation Embraer S.A.
Lockheed Martin Corporation Textron Inc.
General Dynamics Corporation Dassault Systemes SA
Huntington Ingalls Industries, Inc. Engines
Alliant Techsystems Inc. Rolls-Royce Holdings plc
Defense Tier 1 United Technologies Corporatio
Exelis Inc. MTU Aero Engines AG
L-3 Communications Holdings, Inc. Tier 1 Commercial
Cubic Corporation Honeywell International Inc.
Government Services United Technologies Corporatio
Booz Allen Hamilton Holding Corporation Spirit AeroSystems Holdings, In
CACI International Inc Triumph Group, Inc.
ManTech International Corporation WOODWARD, INC.
Leidos Holdings Inc. Zodiac Aerospace SA
Engility Holdings, Inc. Safran SA
ICF International, Inc. B/ E Aerospace Inc.
The KEY W Holding Corporation Aftermarket
US Space TransDigm Group Incorporated
Orbital Sciences Corporation HEICO Corporation
Alliant Techsystems Inc. Meggitt PLC
MacDonald, Dettwiler and Associates AAR CORP.
GenCorp Inc. Tier 2 Commercial
European Defense Primes Esterline Technologies Corpora
BAE Systems plc Anaren, Inc.
Finmeccanica S.p.A. Aeroflex Holding Corp.
Saab AB Moog Inc.
Thales SA Duocommun Incorporated
European Defense Tier 1 Astronics Corporation
Chemring Group PLC Curtiss-Wright Corporation
Rheinmetall AG Crossover
Ultra Electronics Holdings plc Rockwell Collins, Inc.
Large Commercial Harris Corporation
The Boeing Company FLIR Systems, Inc.
European Aeronautics Defence & Space CAE Inc.
Regional Jets
Bombardier Inc.
Embraer S.A.
Company Company

-50%
0%
50%
100%
150%
200%
1/5/2009 1/5/2010 1/5/2011 1/5/2012 1/5/2013
Commercial Aerospace Defense Government Services S&P 500
Date: 10/31/2013 Slide 4
Aerospace & Defense – Stock Performance
Absolute Performance - Commercial Aerospace vs Defense vs Government Services vs S&P 500
Source: Factset

-80%
-60%
-40%
-20%
0%
20%
40%
60%
Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13
Defense Gov't Services Aerospace
Date: 10/31/2013 Slide 5
Absolute Performance by Year – Commercial Aerospace vs Defense vs Government Services
Source: Factset
Aerospace & Defense – Stock Performance

Date: 10/31/2013 Slide 7
Commercial Aerospace – Two Sub-Cycles
Original Equipment (OE) is Late-Cycle; Aftermarket is Early-Cycle
Y/Y Change in Aircraft Production Y/Y Change in Traffic Demand
Source: IATA Traffic & Capacity Data, Credit Suisse research
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
1978
1981
1984
1987
1990
1993
1996
1999
2002
2005
2008
2011
-4%
0%
4%
8%
12%
16%
1978
1981
1984
1987
1990
1993
1996
1999
2002
2005
2008
2011

Date: 10/31/2013 Slide 9
Commercial OE – What Drives OE
Original Equipment is Primarily Driven by Orders
Source: Credit Suisse Research
Orders
Fleet
Replacement
Fleet
Expansion
High Fuel
Costs
Warranties
Cheap
Financing
Air Traffic
Demand
Cheap
Financing

2475
2074
1743
1380
1123
1270
1614
1750
1792
1513
1614
1357
1151
1109
1095
1810
2451
3428
3714
3375
3443
3771
4424
4857
1034
950
836
667
615
578
754
1009
1313
1445
1626
1575
1523
1467
1505
2180
2531
3420
3715
3488
3554
4436
4683
5202
0
1
2
3
4
5
6
7
8
9
10
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
10000
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Boeing Backlog Airbus Backlog Backlog Coverage
Date: 10/31/2013 Slide 10
Commercial OE – Key Positive Considerations
Source: Ascend, Credit Suisse research
Record Backlogs - High oil prices combined with low interest rates,
new aircraft warranties and a weak US$ have driven record demand

Date: 10/31/2013 Slide 11
Source: IATA, Credit Suisse research
High fuel prices may be the single most important driver
% of Operating
Costs
Average Price per
Barrel of Crude
Break-even Price
per Barrel
Total Fuel
Cost (US$B)
2003 14% $28.80 $23.40 $44
2004 17% $38.30 $34.50 $65
2005 22% $54.50 $51.80 $91
2006 26% $65.10 $68.30 $117
2007 28% $73.00 $82.20 $135
2008 33% $99.00 $82.50 $189
2009 26% $62.00 $58.90 $125
2010 26% $79.40 $91.70 $139
2011 28% $111.20 $116.70 $176
2012 32% $111.80 $116.40 $210
2013E 31% $108.00 $115.60 $214

13,557
7,372
1,673
6,082
504
11,734
3,736
934
3,780
553
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
Africa Asia &
Middle East
Europe Latin America &
Caribbean
North
America
2002 2012
Date: 10/31/2013 Slide 12
Globalization
People Per Aircraft Seat by region

Date: 10/31/2013 Slide 13
And technological advances
 More fuel efficient engines (GTF, Leap)
 Lighter weight composites
 Improved avionics and information
technology

Date: 10/31/2013 Slide 14
Source: Boeing
Still-favorable borrowing environment

527
606 572
409
312 256 271
375
564 620
492 527
381
281 285 290
398 441
375
481 462 477
601
666
757 766 733
95
163
157
138
123
124 126
182
229
294
311
325
303
305 320
378
434
453
483
498 510 534
588
612
624 640
631
0
200
400
600
800
1,000
1,200
1,400
1,600
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014E 2016E
NumberofAircraft
Boeing Deliveries Airbus Deliveries
Down 51%
Over 4 Years
Down 36%
Over 4 Years
2012A-2015E
CAGR of 5.3%
Date: 10/31/2013 Slide 15
And the result is, record deliveries

Date: 10/31/2013 Slide 16
Commercial OE
But, there are some watch items

Date: 10/31/2013 Slide 17
Commercial OE – Key Concerns
Competition from new entrants
 Bombardier CSeries
 COMAC 919
 Russian & Japanese Regional Jets

3.0
2.7
4.7
3.8
4.0
5.3
3.5
3.4
4.4
4.4
3.9
3.2
3.5
4.2
3.1
4.2
4.0
3.7
4.3
3.0
3.6
3.0
5.0
4.4
3.5
4.5
4.3
5.8
5.5
5.2
6.7
11.7
12.2
17.6
-
2
4
6
8
10
12
14
16
18
20
1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012
Average Order Size Average Order Size 1980-2010
2004-2010 Average Order
Size = 4.1 Aircraft
Date: 10/31/2013 Slide 18
Boeing and Airbus have responded by aggressively selling aircraft
For the first time in 30 years average sale quantities are rising rapidly

Date: 10/31/2013 Slide 19
We expect that these large orders reflect, to some extent,
aggressive pricing, which is causing the OEMs to review
their cost structure.
At Boeing, this is called “Partnering for Success”
So suppliers will need to learn how to raise the bar on
quality, value and innovation while lowering prices.

0
200
400
600
800
1000
1200
1400
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
Orders Deliveries
Date: 10/31/2013 Slide 20
While all of this is happening, the business jet industry
remains in a five-year slump with all of the associated
pricing and cost issues without the up-cycle

Date: 10/31/2013 Slide 22
Commercial Aftermarket – Traffic & Capacity
IATA Forecasts Traffic Growth of 5.3% in 2013 and Capacity Growth of 4.3%
Source: IATA Traffic & Capacity Data
-10%
-5%
0%
5%
10%
15%
20% May-09
Aug-09
Nov-09
Feb-10
May-10
Aug-10
Nov-10
Feb-11
May-11
Aug-11
Nov-11
Feb-12
May-12
Aug-12
Nov-12
Feb-13
May-13
Aug-13
Y/Y Traffic Growth Y/Y Capacity Growth

0
50
100
150
200
250
300
350
22
23
24
25
26
27
28
29
# of Retirements (Right Axis) Average Age at Retirement (Left Axis)
Date: 10/31/2013 Slide 23
Commercial Aftermarket
With all of these new aircraft deliveries, retirements are accelerating,
and retirement age is dropping, putting viable aircraft & parts to rest

Date: 10/31/2013 Slide 24
Commercial Aftermarket – Surplus Parts Glut
This is creating a two-pronged problem for some suppliers:
1. As fleets get younger, parts for older aircraft are
seeing a demand shortfall.
2. As older aircraft are parked to make room for newer
ones, their parts can cannibalize spares from the
original component supplier.
So, suppliers of parts for older aircraft are experiencing
pressure that could linger for a while

Defense
19%
Medicare &
Medicaid
24%
Social
Security
20%
Discretionary
18%
Other
Mandatory
13%
Net Interest
6%
North
America
37%
Central &
South
America
4%
Europe
25%
Middle
East
8%
Asia &
Oceania
24%
Africa
2%
Date: 10/31/2013 Slide 26
Defense – Global Defense Markets
U.S. Defense Spending in the Context of the Federal Budget
The U.S. Accounts for ~Half of Global Defense Spending
Source: SIPRI; The White House
Even with domestic budgetary pressures, the
onset of Sequestration, and continued growth
in military expenditure by China, the U.S easily
remains the biggest defense spender in the
world.
Defense accounts for almost 20% of the total
US federal budget, and almost half of
discretionary spending.
Source: Credit Suisse research, US DOD

Date: 10/31/2013 Slide 27
Defense – Key Positive Considerations
Continued strong cash flows are supporting earnings and
keeping shareholders interested
International demand has been holding up as the threat
environment requires a high level of vigilance everywhere
Furthering that point, let’s take a look at Chinese spending
on the next slide

Date: 10/31/2013 Slide 28
Defense – Key Positive Considerations
0
350
700
1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012
2012
$669
$158
Berlin Wall down
Sequestration
9/ 11
0%
3%
6%
1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012
4.4%
2.0%
China US
 Emerging peer China
could be a major driver
of US defense growth
 China’s 10-year
growth rate 19.1%
compares to 1.8% for
the US, with less than
half the GDP
percentage

Date: 10/31/2013 Slide 29
Defense
But, obviously, there are major issues
facing the Defense markets too

Date: 10/31/2013 Slide 30
Defense – Historical & Forecast US Defense Spending
In constant dollars, the FYDP suggests relatively flat topline between FY’14 &
FY’18.
But, it also implies that the defense topline stays ~$150B above historical troughs.Source: US DOD
0
100
200
300
400
500
600
700
800
FY48
FY50
FY52
FY54
FY56
FY58
FY60
FY62
FY64
FY66
FY68
FY70
FY72
FY74
FY76
FY78
FY80
FY82
FY84
FY86
FY88
FY90
FY92
FY94
FY96
FY98
FY00
FY02
FY04
FY06
FY08
FY10
FY12
FY14
FY16
FY18
Korea
Vietnam
Reagan
Build-up
Iraq /
Afghanistan

Date: 10/31/2013 Slide 31
Defense – The Budget Deficit
Annual Federal Revenues ~$2.6T
Annual Federal Expenditures ~$3.7T
Equals an annual ~$1.1T Federal Budget Deficit
Sequester may not make a dent in anything but industry

Date: 10/31/2013 Slide 32
Credit Suisse Budget Scenarios
400
450
500
550
600
650
FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
FY12 FYDP
BCA 2011
FY13 FYDP
FY14 FYDP
Full Sequester
Boiling Frog
Source: US DOD, Credit Suisse research

Date: 10/31/2013 Slide 33
Defense – Quarterly Orders Are Weakening
Book:Bills Running Below 1.0x in 2013 As Sequester Slows Order Pipeline
Source: Credit Suisse research, Company data
0.00x
0.20x
0.40x
0.60x
0.80x
1.00x
1.20x
1.40x
1.60x
1.80x
Q1'10Q2'10Q3'10Q4'10Q1'11Q2'11Q3'11Q4'11Q1'12Q2'12Q3'12Q4'12Q1'13Q2'13
Defense Primes Gov't Services

Date: 10/31/2013 Slide 34
Defense – Key Concerns Summarized
• US combat operations in southwest Asia are ending,
eliminating a big driver of US defense spending
• Resources are dwindling with the big federal deficit.
• These dwindling resources are already pressuring order flow, and
will eventually impact long-cycle platform and product businesses
and are already affecting short-cycle services activity
• Rising interest rates are mitigating the yield trade

2-year forward consensus sales growth Market-implied sales growth(1)
HOLT Shows the Market Expects Better Returns from Defense, with Less Predictability of
Growth
Returns on Capital – Next twelve months CFROI
Source: HOLT CFROI framework and global database, FactSet.
(1) Sales growth embedded in current market valuation based on consensus sales growth estimates and HOLT DCF model.
Sales growth
23.6%
15.7% 15.4% 15.0% 14.8% 14.5% 14.4% 11.2% 11.2% 10.3%
8.2% 7.7% 7.6% 6.1%
Aftermarket Engines Government
Services
US Defense
Primes
US Defense
Tier 1
Tier 1
Commercial
Crossover US
Space
Tier 2
Commercial
European
Defense
Primes
Large
Commercial
BizJets European
Defense
Tier 1
Regional Jets
5-year
median
CFROI:
20.4% 14.0% 21.5% 15.0% 19.3% 13.3% 14.9% 11.9% 10.8% 10.5% 6.9% 6.8% 8.4% 5.5%
7.8%
7.1%
6.7% 6.1%
5.2% 5.1% 5.0%
4.8%
4.0%
2.8%
1.1%
(2.1%) (2.4%) (2.8%)
6.6%
4.0%
5.3% 5.5% 5.4% 4.9% 5.3%
7.7%
4.4%
2.5%
5.9%
2.5%
6.0%
4.0%
Regional
Jets
US Space BizJets Large
Commercial
Tier 1
Commercial
Tier 2
Commercial
Engines Aftermarket Crossover European
Defense Tier
1
European
Defense
Primes
US Defense
Primes
Government
Services
US Defense
Tier 1
Median: 12.8%
Commercial Defense Mixed
36
HOLT

US Defense Primes
US Defense Tier 1
Government Services
US Space
European Defense
Primes
European Defense Tier
1
Large Commercial
BizJets
Engines
Tier 1 Commercial
Tier 2 Commercial
Crossover
Regional Jets
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 12.0%
Value creation driver: CFROI
Next twelve months CFROI spread(2)
HOLTcurrentprice/book(1)
Source: HOLT CFROI framework and global database as of October 2013.
(1) HOLT price/book is equivalent to current enterprise value/net capital invested which is defined as ([market
value of equity + debt] / [inflation adjusted net assets, including capitalized operating leases]).
(2) Defined as CFROI less the cost of capital; next twelve months (NTM) CFROI based on consensus EPS
estimates.
Peer regression R² = 90%
S&P 500 regression R² = 83%
Valuation
Aftermarket (18.3%, 4.72x)
Commercial
Defense
Mixed
37
The Market Indicates that Defense has Potential for Upside,
while Commercial is Already Highly Valued
HOLT

Date: 10/31/2013 Slide 39
Aerospace & Defense Valuations
Source: Company data, Credit Suisse research, Factset
7.94x
6.0%3.5x 7.3%
13.6x 15.1x 16.6x 12.3x 8.12x 8.15x 1.8x 1.7x 1.5x 7.4x 6.9x 7.0x 8.9%0.5 41.0% 21.6% 12.1% 3.4x 1.7%
Company Ticker
P/E Ratio EV/Sales EV/EBIT EV/EBITDA PEG ROA ROE ROIC P/Book Div Yield FCF Yield
2012A 2013E 2014E 5-Yr Avg 2012A 2013E 2014E 2012A 2013E 2014E 2012A 2013E 2014E 2013E 2013E 2013E 2013E 2013E 2013E 2013E
Boeing BA 23.4x 18.4x 17.1x 19.5x 1.10x 1.04x 0.96x 14.2x 11.8x 11.1x 11.1x 9.5x 9.0x 1.9 55.1% 56.8% 27.3% 15.4x 1.5% 5.0%
Bombardier BBDb.TO 11.1x 12.6x 10.1x 11.1x 0.54x 0.53x 0.51x 11.2x 9.0x 8.8x 7.8x 6.7x 6.5x 0.5 79.6% 29.9% 9.7% 8.5x 2.4% -3.6%
EADS EAD.PA 33.3x 16.1x 12.1x 19.0x 0.49x 0.47x 0.44x 18.1x 11.7x 9.3x 10.5x 8.1x 6.9x 0.6 N/A N/A N/A 3.8x 2.2% 9.8%
Embraer ERJ N/A 17.8x 13.0x 14.4x 0.87x 0.87x 0.80x 8.8x 9.5x 8.2x 6.0x 6.4x 5.7x 0.8 37.0% 15.3% 6.9% 2.0x 2.0% 11.2%
Textron TXT 20.8x 14.1x 11.9x 20.8x 0.81x 0.79x 0.77x 9.0x 11.4x 9.7x 7.2x 7.6x 6.9x 1.5 40.3% 15.6% 9.2% 2.5x 0.3% 23.4%
Commercial OEM 22.2x 15.8x 12.8x 16.9x 0.76x 0.74x 0.70x 12.3x 10.7x 9.4x 8.5x 7.7x 7.0x 1.1 53.0% 29.4% 13.3% 6.4x 1.7% 9.1%
MTU Aero Engines MTXGn.DE 15.6x N/A N/A 13.3x N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 2.9x 2.0% N/A
Rolls-Royce RR.L 14.7x 10.5x 9.6x 10.8x 1.81x 1.44x 1.36x 14.7x 12.1x 11.3x 11.1x 9.7x 9.0x 1.1 N/A N/A N/A 3.1x 3.1% 6.6%
Safran SAF.PA 25.6x 16.0x 13.8x 20.5x 1.47x 1.35x 1.26x 19.3x 15.6x 13.6x 13.9x 11.8x 10.5x 1.1 N/A N/A N/A 2.8x 2.7% 8.7%
United Technologies UTX 20.0x 17.4x 15.5x 16.3x 2.01x 1.83x 1.79x 15.1x 12.4x 11.2x 12.6x 10.6x 9.7x 1.6 44.0% 20.1% 11.9% 3.8x 2.0% 5.5%
Commercial Engine Suppliers 19.0x 14.6x 13.0x 15.2x 1.76x 1.54x 1.47x 16.4x 13.4x 12.1x 12.5x 10.7x 9.7x 1.3 44.0% 20.1% 11.9% 3.2x 2.5% 6.9%
AAR Corp. * AIR 16.8x 15.0x 13.2x 12.7x 0.84x 0.81x 0.79x 13.3x 11.4x 10.9x 8.2x 7.5x
3.05x 2.77x
0.0% 11.1%7.0x 2.0 38.2% 8.2% 3.6% 1.2x
BE Aerospace BEAV 27.1x 21.7x 18.0x 21.7x 2.41x 17.4x 14.8x 12.3x 15.3x 13.1x
1.55x 1.56x
0.0% 3.0%11.1x 1.1 47.4% 16.5% 6.4% 3.7x
Esterline * ESL 22.1x 14.8x 12.9x 14.7x 1.50x 12.9x 13.4x 11.2x 8.9x 9.1x 7.9x 1.1 34.1% 12.0% 4.5% 1.5x 0.0% 7.7%
Heico * HEI 41.8x 35.9x 31.6x 32.9x 3.95x 3.56x 3.25x 21.7x 19.9x 17.6x 18.3x 16.4x 14.9x 2.8 17.5% 12.7% 10.4% 5.7x 0.2% 3.5%
Hexcel HXL 25.7x 22.5x 19.6x 22.2x 2.68x 2.51x 2.31x 17.6x 16.0x 13.8x 14.2x 13.0x 11.4x 1.6 19.2% 16.0% 14.4% 4.0x 0.0% 1.7%
Honeywell HON 21.2x 17.4x 15.5x 17.2x 1.85x 1.78x 1.70x 21.0x 11.4x 10.8x 16.3x 10.0x
1.32x 1.26x
2.0% 5.7%9.5x 1.6 31.2% 23.5% 15.6% 5.2x
Moog * MOG.A 17.7x 17.1x 14.8x 15.5x 1.22x 13.4x 13.0x 11.0x 9.5x 8.1x 8.0x 1.4 32.4% 35.4% 7.9% 2.0x 0.0% 5.2%
Precision Castparts * PCP 24.7x 19.8x 16.9x 21.1x 5.22x 4.50x 3.78x 21.1x 17.7x 13.9x 21.1x 17.7x 13.9x 0.9 26.5% 15.3% 13.0% 3.6x 0.0% 3.2%
Rockwell Collins * COL 16.6x 15.1x 15.7x 15.0x 1.89x 1.91x 1.76x 9.8x 10.6x 10.1x 8.8x 10.2x 10.1x 3.3 38.2% 29.6% 29.7% 7.8x 1.7% 5.0%
Spirit Aerosystems SPR 39.4x 77.8x 9.6x 32.1x 0.75x 0.69x 0.63x 28.4x 21.1x 7.2x 13.2x 11.5x
5.93x 5.27x
0.0% -3.1%5.7x 0.4 36.7% 15.1% 1.1% 1.8x
Transdigm * TDG 21.0x 20.5x 18.8x 18.7x 4.75x 14.4x 13.2x 11.2x 12.5x 11.6x 10.1x 1.7 74.4% N/A 7.4% 6.0x 0.0% 5.5%
Triumph Group * TGI 14.1x 11.5x 13.2x 11.6x 1.45x 1.35x 1.26x 9.7x 9.4x 9.6x 7.9x 7.5x
1.67x 1.62x
0.2% 5.2%7.4x 2.0 35.4% 12.3% 9.8% 1.7x
Woodward * WWD 20.9x 20.5x 18.1x 18.8x 1.56x 13.9x 14.0x 12.1x 10.7x 10.7x
2.28x 2.07x
0.8% 2.1%9.4x 1.8 27.4% 12.4% 10.4% 2.8x
Commercial Suppliers 23.8x 23.8x 16.8x 19.6x 2.47x 16.5x 14.3x 11.7x 12.7x 11.3x 9.7x 1.7 35.3% 17.4% 10.3% 3.6x 0.4% 4.3%
BAE Systems BAES.L 6.1x 6.5x 6.6x 5.6x -- -- -- 1.0x 1.0x 1.0x 8.3x 7.7x 8.1x 6.9 N/A N/A N/A
General Dynamics GD N/A 12.5x 11.8x N/A -- -- -- 0.9x 0.9x 0.9x 20.3x 6.9x 6.9x 2.1 25.5% 19.3% -2.0% 2.7x 2.5% 8.6%
L-3 Communications LLL 11.8x 11.7x 12.3x 10.3x 11.3x 11.1x 11.6x 0.9x 0.9x 0.9x 7.1x 7.7x 8.3x -6.2 40.1% 13.4% 7.8% 1.6x 2.1% 12.0%
Lockheed Martin LMT 14.9x 13.3x 12.4x 11.4x 12.5x 12.0x N/A 0.9x 1.0x 7.8%
Northrop Grumman NOC 12.7x 12.6x 12.4x
1.0x 7.9x 7.6x 7.3x
0.9x 0.9x
100.5% 40.2% N/A 3.7%2.0 97.0%
14.3% 2.5x 2.3% 8.9%1.0x 6.1x 6.1x 6.6x 3.3 29.2%
Defense Primes 18.3x 19.7x 13.7x 15.5x
20.7%10.5x 13.2x 13.2x 14.2x
5.34x 5.13x 4.47x 9.5x 8.5x 6.6x 11.0x 9.5x 8.5x 1.6 41.2% 26.1%
Alliant Techsystems * ATK 12.8x 12.2x 11.7x 8.9x
14.1% 3.3%
12.7% 3.3x 1.7% 5.7%
Defense Mid & Small Cap 14.9x 14.6x 12.7x 12.4x 7.55x 7.53x 6.71x 4.0x 3.7x 3.2x 9.1x
--
3.1x 2.3% 7.1%7.8x 7.4x 1.9 43.9% 28.0% 13.2%
CACI * CACI 11.5x 10.8x 12.0x 12.4x -- -- 0.5x 0.5x 0.6x 5.6x 6.1x 6.4x -1.4 16.7% 9.9% 9.5% 1.3x 0.0% 14.3%
ManTech MANT 11.3x 13.6x 14.7x 12.2x -- -- -- 0.5x 0.6x 0.6x 6.0x 12.2%
SAIC * SAI N/A 29.9x 57.1x N/A --
7.8x 8.2x
0.4x 0.4x 0.5x 10.6x
0.9x 2.9%-1.7 14.6% 5.6% 7.2%
1.0%
Government Services (Federal I.T.)
5.3x 7.7x -1.6 33.1% 9.5% 1.5x-- --
-- -- -- 0.8x 0.9x 0.9x 6.3x 6.6x 6.1x 3.1 39.7% 15.5% 10.8% 2.2x 0.9% 5.3%
Huntington Ingalls HII 21.0x 18.1x 13.9x 15.7x N/A N/A N/A 0.6x 0.6x 0.7x 7.5x 7.1x 6.3x 0.8 71.2% 31.6% 5.7% 5.3x 0.6% 3.6%
Raytheon RTN 13.5x 13.4x 12.8x 11.3x 6.4x 6.4x 6.4x 1.1x 1.1x 1.1x 14.6% 3.1x 2.8% 8.6%7.6x 7.9x 7.7x 1.6 37.1% 21.5%
Booz Allen Hamilton * BAH 11.8x 11.5x 11.5x 14.6x 39.9%-- -- -- 0.7x 0.7x 0.7x
N/A
11.0% 11.6x 2.0% 15.7%8.7x 7.8x 7.5x -5.3 85.5%
Exelis XLS 7.8x 10.3x 9.9x 9.1x 8.6x N/A 0.4x 0.5x 0.5x 3.4x 2.9x 2.4% 12.8%4.1x 4.1x 3.6 39.0% 29.4% 20.6%

Companies Mentioned (Price as of 14-Oct-2013)
AAR (AIR.N, $27.79)
Alliant Techsystems Inc. (ATK.N, $101.55)
BAE Systems (BAES.L, 443.8p)
BE Aerospace Inc. (BEAV.OQ, $76.78)
Boeing (BA.N, $119.46)
Bombardier Inc (SVS) (BBDb.TO, C$4.97)
Booz Allen Hamilton Holding (BAH.N, $18.96)
CACI International, Inc. (CACI.N, $68.37)
EADS (EAD.PA, €48.92)
Esterline Technologies (ESL.N, $79.47)
Exelis (XLS.N, $15.6)
General Dynamics Corporation (GD.N, $87.81)
Heico Corp (HEI.N, $66.72)
Hexcel Corporation (HXL.N, $40.08)
Honeywell International Inc. (HON.N, $85.98)
Huntington Ingalls (HII.N, $71.3)
L-3 Communications (LLL.N, $94.98)
Leidos (LDOS.N, $46.27)
Lockheed Martin (LMT.N, $127.5)
MTU Aero Engines (MTXGn.DE, €70.4)
ManTech International Corp. (MANT.OQ, $29.05)
Meggitt (MGGT.L, 541.0p)
Moby Oil & Gas (MOG.AX, A$0.005)
Northrop Grumman Corporation (NOC.N, $98.81)
Precision Castparts (PCP.N, $241.51)
Raytheon Company (RTN.N, $76.38)
Rockwell Collins, Inc. (COL.N, $68.92)
Rolls-Royce (RR.L, 1125.0p)
Safran (SAF.PA, €45.95)
Spirit AeroSystems (SPR.N, $24.71)
Textron (TXT.N, $27.29)
TransDigm (TDG.N, $140.5)
Triumph Group Inc (TGI.N, $71.05)
United Technologies Corp (UTX.N, $106.9)
Wesco Air Hldg (WAIR.N, $19.76)
Woodward Inc (WWD.OQ, $42.07)
Disclosure Appendix
Important Global Disclosures
I, Robert Spingarn, certify that (1) the views expressed in this report accurately reflect my personal views about all of the subject companies and
securities and (2) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this
report.
The analyst(s) responsible for preparing this research report received Compensation that is based upon various factors including Credit Suisse's total
revenues, a portion of which are generated by Credit Suisse's investment banking activities
As of December 10, 2012 Analysts’ stock rating are defined as follows:
Outperform (O) : The stock’s total return is expected to outperform the relevant benchmark*over the next 12 months.
Neutral (N) : The stock’s total return is expected to be in line with the relevant benchmark* over the next 12 months.
Underperform (U) : The stock’s total return is expected to underperform the relevant benchmark* over the next 12 months.
*Relevant benchmark by region: As of 10th December 2012, Japanese ratings are based on a stock’s total return relative to the analyst's coverage universe which
consists of all companies covered by the analyst within the relevant sector, with Outperforms representing the most attractive, Neutrals the less attractive, and
Underperforms the least attractive investment opportunities. As of 2nd October 2012, U.S. and Canadian as well as European ratings are based on a stock’s total return
relative to the analyst's coverage universe which consists of all companies covered by the analyst within the relevant sector, with Outperforms representing the most
attractive, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. For Latin American and non-Japan Asia stocks, ratings are
based on a stock’s total return relative to the average total return of the relevant country or regional benchmark; Australia, New Zealand are, and prior to 2nd October
2012 U.S. and Canadian ratings were based on (1) a stock’s absolute total return potential to its current share price and (2) the relative attractiveness of a stock’s total
return potential within an analyst’s coverage universe. For Australian and New Zealand stocks, 12-month rolling yield is incorporated in the absolute total return
calculation and a 15% and a 7.5% threshold replace the 10-15% level in the Outperform and Underperform stock rating definitions, respectively. The 15% and 7.5%
thresholds replace the +10-15% and -10-15% levels in the Neutral stock rating definition, respectively. Prior to 10th December 2012, Japanese ratings were based on a
stock’s total return relative to the average total return of the relevant country or regional benchmark.
Restricted (R) : In certain circumstances, Credit Suisse policy and/or applicable law and regulations preclude certain types of communications,
including an investment recommendation, during the course of Credit Suisse's engagement in an investment banking transaction and in certain other
circumstances.
Volatility Indicator [V] : A stock is defined as volatile if the stock price has moved up or down by 20% or more in a month in at least 8 of the past 24
months or the analyst expects significant volatility going forward.
Analysts’ sector weightings are distinct from analysts’ stock ratings and are based on the analyst’s expectations for the fundamentals and/or valuation of
the sector* relative to the group’s historic fundamentals and/or valuation:
Overweight : The analyst’s expectation for the sector’s fundamentals and/or valuation is favorable over the next 12 months.
Market Weight : The analyst’s expectation for the sector’s fundamentals and/or valuation is neutral over the next 12 months.
Underweight : The analyst’s expectation for the sector’s fundamentals and/or valuation is cautious over the next 12 months.
*An analyst’s coverage sector consists of all companies covered by the analyst within the relevant sector. An analyst may cover multiple sectors.
Credit Suisse's distribution of stock ratings (and banking clients) is:
Global Ratings Distribution
Rating Versus universe (%) Of which banking clients (%)
Outperform/Buy* 42% (55% banking clients)
Neutral/Hold* 40% (48% banking clients)
Underperform/Sell* 15% (39% banking clients)
Restricted 3%
*For purposes of the NYSE and NASD ratings distribution disclosure requirements, our stock ratings of Outperform, Neutral, and Underperform most closely correspond
to Buy, Hold, and Sell, respectively; however, the meanings are not the same, as our stock ratings are determined on a relative basis. (Please refer to definitions above.)
An investor's decision to buy or sell a security should be based on investment objectives, current holdings, and other individual factors.
Credit Suisse’s policy is to update research reports as it deems appropriate, based on developments with the subject company, the sector or the market
that may have a material impact on the research views or opinions stated herein.
Credit Suisse's policy is only to publish investment research that is impartial, independent, clear, fair and not misleading. For more detail please refer to
Credit Suisse's Policies for Managing Conflicts of Interest in connection with Investment Research: http://www.csfb.com/research and
analytics/disclaimer/managing_conflicts_disclaimer.html
Credit Suisse does not provide any tax advice. Any statement herein regarding any US federal tax is not intended or written to be used, and cannot be
used, by any taxpayer for the purposes of avoiding any penalties.
Please refer to the firm's disclosure website at https://rave.credit-suisse.com/disclosures for the definitions of abbreviations typically used in the target
price method and risk sections.
See the Companies Mentioned section for full company names
The subject company (ESL.N, LMT.N, HON.N, UTX.N, RTN.N, NOC.N, HXL.N, XLS.N, CACI.N, BAH.N, TGI.N, ATK.N, TDG.N, BEAV.OQ, LLL.N,
AIR.N, BA.N, COL.N, GD.N, HEI.N, HII.N, SPR.N, TXT.N) currently is, or was during the 12-month period preceding the date of distribution of this
report, a client of Credit Suisse.
Credit Suisse provided investment banking services to the subject company (RTN.N, NOC.N, BAH.N, TDG.N, BA.N, GD.N, HII.N, SPR.N) within the
past 12 months.
Credit Suisse provided non-investment banking services to the subject company (LMT.N, HON.N, RTN.N, NOC.N, BEAV.OQ, BA.N, TXT.N) within the
past 12 months
Credit Suisse has managed or co-managed a public offering of securities for the subject company (RTN.N, NOC.N, TDG.N, BA.N, GD.N, HII.N) within
the past 12 months.
Credit Suisse has received investment banking related compensation from the subject company (RTN.N, NOC.N, BAH.N, TDG.N, BA.N, GD.N, HII.N,
SPR.N) within the past 12 months
Credit Suisse expects to receive or intends to seek investment banking related compensation from the subject company (ESL.N, LMT.N, HON.N,
UTX.N, RTN.N, NOC.N, HXL.N, PCP.N, XLS.N, CACI.N, MANT.OQ, BAH.N, TGI.N, ATK.N, TDG.N, BEAV.OQ, LLL.N, AIR.N, BA.N, COL.N, GD.N,
HEI.N, HII.N, SPR.N) within the next 3 months.
Credit Suisse has received compensation for products and services other than investment banking services from the subject company (LMT.N, HON.N,
RTN.N, NOC.N, BEAV.OQ, BA.N, TXT.N) within the past 12 months
As of the date of this report, Credit Suisse makes a market in the following subject companies (ESL.N, LMT.N, WWD.OQ, HON.N, UTX.N, RTN.N,
NOC.N, HXL.N, PCP.N, XLS.N, CACI.N, MANT.OQ, BAH.N, TGI.N, ATK.N, TDG.N, BEAV.OQ, LLL.N, AIR.N, BA.N, COL.N, GD.N, HEI.N, HII.N,
SPR.N, TXT.N, LDOS.N).
As of the end of the preceding month, Credit Suisse beneficially own 1% or more of a class of common equity securities of (TDG.N).
Credit Suisse has a material conflict of interest with the subject company (UTX.N) . Credit Suisse Securities (USA) LLC is acting as an advisor to
Goodrich (GR) in a potential transaction with United Technologies Corp.
Credit Suisse has a material conflict of interest with the subject company (LDOS.N) . Credit Suisse has a material conflict of interest with the subject
company (SAI). As of the date of this report, an analyst involved in the preparation of this report has the following material conflict of interest with the
subject company (SAI). An analyst or a member of the analyst's household has a long position in the common stock of SAIC (SAI).
Important Regional Disclosures
Singapore recipients should contact Credit Suisse AG, Singapore Branch for any matters arising from this research report.
The analyst(s) involved in the preparation of this report have not visited the material operations of the subject company (ESL.N, LMT.N, WWD.OQ,
HON.N, UTX.N, RTN.N, NOC.N, HXL.N, PCP.N, XLS.N, CACI.N, MANT.OQ, BAH.N, TGI.N, ATK.N, TDG.N, BEAV.OQ, LLL.N, BA.N, BBDb.TO,
COL.N, GD.N, HEI.N, HII.N, SPR.N, TXT.N, LDOS.N) within the past 12 months
Restrictions on certain Canadian securities are indicated by the following abbreviations: NVS--Non-Voting shares; RVS--Restricted Voting Shares; SVS-
-Subordinate Voting Shares.
Individuals receiving this report from a Canadian investment dealer that is not affiliated with Credit Suisse should be advised that this report may not
contain regulatory disclosures the non-affiliated Canadian investment dealer would be required to make if this were its own report.
For Credit Suisse Securities (Canada), Inc.'s policies and procedures regarding the dissemination of equity research, please visit
http://www.csfb.com/legal_terms/canada_research_policy.shtml.
Credit Suisse has acted as lead manager or syndicate member in a public offering of securities for the subject company (RTN.N, NOC.N, TGI.N,
TDG.N, BEAV.OQ, BA.N, GD.N, HII.N, SPR.N) within the past 3 years.
As of the date of this report, Credit Suisse acts as a market maker or liquidity provider in the equities securities that are the subject of this report.
Principal is not guaranteed in the case of equities because equity prices are variable.

Commission is the commission rate or the amount agreed with a customer when setting up an account or at any time after that.
CS may have issued a Trade Alert regarding this security. Trade Alerts are short term trading opportunities identified by an analyst on the basis of
market events and catalysts, while stock ratings reflect an analyst's investment recommendations based on expected total return over a 12-month
period relative to the relevant coverage universe. Because Trade Alerts and stock ratings reflect different assumptions and analytical methods, Trade
Alerts may differ directionally from the analyst's stock rating.
The author(s) of this report maintains a CS Model Portfolio that he/she regularly adjusts. The security or securities discussed in this report may be a
component of the CS Model Portfolio and subject to such adjustments (which, given the composition of the CS Model Portfolio as a whole, may differ
from the recommendation in this report, as well as opportunities or strategies identified in Trading Alerts concerning the same security). The CS Model
Portfolio and important disclosures about it are available at www.credit-suisse.com/ti.
Important Credit Suisse HOLT Disclosures
With respect to the analysis in this report based on the Credit Suisse HOLT methodology, Credit Suisse certifies that (1) the views expressed in this
report accurately reflect the Credit Suisse HOLT methodology and (2) no part of the Firm’s compensation was, is, or will be directly related to the
specific views disclosed in this report.
The Credit Suisse HOLT methodology does not assign ratings to a security. It is an analytical tool that involves use of a set of proprietary quantitative
algorithms and warranted value calculations, collectively called the Credit Suisse HOLT valuation model, that are consistently applied to all the
companies included in its database. Third-party data (including consensus earnings estimates) are systematically translated into a number of default
algorithms available in the Credit Suisse HOLT valuation model. The source financial statement, pricing, and earnings data provided by outside data
vendors are subject to quality control and may also be adjusted to more closely measure the underlying economics of firm performance. The
adjustments provide consistency when analyzing a single company across time, or analyzing multiple companies across industries or national borders.
The default scenario that is produced by the Credit Suisse HOLT valuation model establishes the baseline valuation for a security, and a user then may
adjust the default variables to produce alternative scenarios, any of which could occur.
Additional information about the Credit Suisse HOLT methodology is available on request.
The Credit Suisse HOLT methodology does not assign a price target to a security. The default scenario that is produced by the Credit Suisse HOLT
valuation model establishes a warranted price for a security, and as the third-party data are updated, the warranted price may also change. The default
variable may also be adjusted to produce alternative warranted prices, any of which could occur.
CFROI®, HOLT, HOLTfolio, ValueSearch, AggreGator, Signal Flag and “Powered by HOLT” are trademarks or service marks or registered trademarks
or registered service marks of Credit Suisse or its affiliates in the United States and other countries. HOLT is a corporate performance and valuation
advisory service of Credit Suisse.
For Credit Suisse disclosure information on other companies mentioned in this report, please visit the website at https://rave.credit-
suisse.com/disclosures or call +1 (877) 291-2683.
References in this report to Credit Suisse include all of the subsidiaries and affiliates of Credit Suisse operatingunder its investment banking division.For more information on our structure, please use the following
link: https://www.credit-suisse.com/who_we_are/en/This report may contain material that is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in
any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject Credit Suisse AG or its affiliates ("CS") to any
registration or licensing requirement within such jurisdiction. All material presented in this report, unless specifically indicated otherwise, is under copyright to CS. None of the material, nor its content, nor any copy
of it, may be altered in any way, transmitted to, copied or distributed to any other party, without the prior express written permission of CS. All trademarks, service marks and logos used in this report are
trademarks or service marks or registered trademarks or service marks of CS or its affiliates. The information, tools and material presented in this report are provided to you for information purposes only and are
not to be used or considered as anoffer or the solicitation of an offer to sell or to buy or subscribe for securities or other financial instruments. CS may not have takenany steps toensure that the securities referred
to in this report are suitable for any particular investor. CS will not treat recipients of this report as its customers by virtue of their receiving this report. The investments and services contained or referred to in this
report may not be suitable for you and it is recommended that you consult an independent investment advisor if you are in doubt about such investments or investment services. Nothing in this report constitutes
investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to your individual circumstances, or otherwise constitutes a personal recommendation to
you. CS does not advise on the tax consequences of investments and you are advised to contact an independent tax adviser. Please note in particular that the bases and levels of taxation may change.
Information and opinions presented in this report have been obtained or derived from sources believed by CS to be reliable, but CS makes no representation as to their accuracy or completeness. CS accepts no
liability for loss arising from the useof the material presented in this report, except that thisexclusion of liability doesnotapply to the extent that suchliability arisesunder specific statutes or regulations applicable to
CS. This report is not to be relied upon in substitution for the exercise of independent judgment. CS may have issued, and may in the future issue, other communications that are inconsistent with, and reach
different conclusions from, the information presented in this report. Those communications reflect the different assumptions, views and analytical methods of the analysts who prepared them and CS is under no
obligation to ensure that such other communications are brought to the attention of any recipient of this report. CS may, to the extent permitted by law, participate or invest in financing transactions with the
issuer(s) of the securities referred to in this report, perform services for or solicit business from such issuers, and/or have a position or holding, or other material interest, or effect transactions, in such securities or
options thereon, or other investments related thereto. In addition, it may make markets in the securities mentioned in the material presented in this report. CS may have, within the last three years, served as
manager or co-manager of a public offering of securities for, or currently may make a primary market in issues of, any or all of the entities mentioned in this report or may be providing, or have provided within the
previous 12 months, significant advice or investment services in relation to the investment concerned or a related investment. Additional information is, subject to duties of confidentiality, available on request.
Some investments referred to in this report will be offered solely by a single entity and in the case of some investments solely by CS, or an associate of CS or CS may be the only market maker in such
investments. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. Information,
opinions and estimates contained in this report reflect a judgment at its original date of publication by CS and are subject to change without notice. The price, value of and income from any of the securities or
financial instruments mentioned in this report can fall as well as rise. The value of securities and financial instruments is subject to exchange rate fluctuation that may have a positive or adverse effect on the price
or income of such securities or financial instruments. Investors in securities such as ADR's, the values of which are influenced by currency volatility, effectively assume this risk. Structured securities are complex
instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding and assuming the risks involved. The market value of any structured
security may be affectedby changes in economic, financial and political factors (including, but notlimited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility, and the
credit quality of any issuer or reference issuer. Any investor interested in purchasing a structured product should conduct their own investigation and analysis of the product and consult with their own professional
advisers as to the risks involved in making such a purchase. Some investments discussed in this report may have a high level of volatility. High volatility investments may experience sudden and large falls in their
value causing losses when that investment is realised. Those losses may equal your original investment. Indeed, in the case of some investments the potential losses may exceed the amount of initial investment
and, in such circumstances, you may be required to pay more money to support those losses. Income yields from investments may fluctuate and, in consequence, initial capital paid to make the investment may
be used as part of that income yield. Some investments may not be readily realisable and it may be difficult to sell or realise those investments, similarly it may prove difficult for you to obtain reliable information
about the value, or risks, to which such an investment is exposed. This report may provide the addresses of, or contain hyperlinks to, websites. Except to the extent to which the report refers to website material of
CS, CS has not reviewed any such site and takes no responsibility for the content contained therein. Such address or hyperlink (including addresses or hyperlinks to CS's own website material) is provided solely
for your convenience and information and the content of any such website does not in any way form part of this document. Accessing such website or following such link through this report or CS's website shall
be at your own risk. This report is issued and distributed in Europe (except Switzerland) by Credit Suisse Securities (Europe) Limited, One Cabot Square, London E14 4QJ, England, which is authorised by the
Prudential Regulation Authority ("PRA") and regulated by the Financial Conduct Authority ("FCA") and the PRA. This report is being distributed in Germany by Credit Suisse Securities (Europe) Limited
Niederlassung Frankfurt am Main regulated by the Bundesanstalt fuer Finanzdienstleistungsaufsicht ("BaFin"). This report is being distributed in the United States and Canada by Credit Suisse Securities (USA)
LLC; in Switzerland by Credit Suisse AG; in Brazil by Banco de Investimentos Credit Suisse (Brasil) S.A or its affiliates; in Mexico by Banco Credit Suisse (México), S.A. (transactions related to the securities
mentioned in this report will only be effected in compliance with applicable regulation); in Japan by Credit Suisse Securities (Japan) Limited, Financial Instruments Firm, Director-General of Kanto Local Finance
Bureau (Kinsho) No. 66, a member of Japan Securities Dealers Association, The Financial Futures Association of Japan, Japan Investment Advisers Association, Type II Financial Instruments Firms Association;
elsewhere in Asia/ Pacific by whichever of the following is the appropriately authorised entity in the relevant jurisdiction: Credit Suisse (Hong Kong) Limited, Credit Suisse Equities (Australia) Limited, Credit Suisse
Securities (Thailand) Limited, having registered address at 990 Abdulrahim Place, 27 Floor, Unit 2701, Rama IV Road, Silom, Bangrak, Bangkok 10500, Thailand, Tel. +66 2614 6000, Credit Suisse Securities
(Malaysia) Sdn Bhd, Credit Suisse AG, Singapore Branch, Credit Suisse Securities (India) Private Limited regulated by the Securities and Exchange Board of India (registration Nos. INB230970637;
INF230970637; INB010970631; INF010970631), having registered address at 9th Floor, Ceejay House, Dr.A.B. Road, Worli, Mumbai - 18, India, T- +91-22 6777 3777, Credit Suisse Securities (Europe) Limited,
Seoul Branch, Credit Suisse AG, Taipei Securities Branch, PT Credit Suisse Securities Indonesia, Credit Suisse Securities (Philippines ) Inc., and elsewhere in the world by the relevant authorised affiliate of the
above. Research on Taiwanese securities produced by Credit Suisse AG, Taipei Securities Branch has been prepared by a registered Senior Business Person. Research provided to residents of Malaysia is
authorised by the Head of Research for Credit Suisse Securities (Malaysia) Sdn Bhd, to whom they should direct any queries on +603 2723 2020. This report has been prepared and issued for distribution in
Singapore to institutional investors, accredited investors and expert investors (each as defined under the Financial Advisers Regulations) only, and is also distributed by Credit Suisse AG, Singapore branch to
overseas investors (as defined under the Financial Advisers Regulations). By virtue of your statusas an institutional investor, accredited investor, expert investor or overseas investor, Credit Suisse AG, Singapore
branch is exempted fromcomplying with certaincompliance requirements under theFinancial Advisers Act, Chapter 110 of Singapore (the "FAA"), theFinancial Advisers Regulations and the relevant Notices and
Guidelines issued thereunder, in respect of any financial advisory service which Credit Suisse AG, Singapore branch may provide to you. This research may not conform to Canadian disclosure requirements. In
jurisdictions where CS is not already registered or licensed to trade in securities, transactions will only be effected in accordance with applicable securities legislation, which will vary from jurisdiction to jurisdiction
and may require that the trade be made in accordance withapplicable exemptions from registration or licensing requirements. Non-U.S. customers wishing to effect a transaction should contact a CS entity in their
local jurisdiction unless governing law permits otherwise. U.S. customers wishing to effect a transaction should do so only by contacting a representative at Credit Suisse Securities (USA) LLC in the U.S. Please
note that this research was originally prepared and issued by CS for distribution to their market professional and institutional investor customers. Recipients who are not market professional or institutional investor
customers of CS should seek the advice of their independent financial advisor prior to taking any investment decisionbased on this report or for any necessary explanationof its contents.This research may relate
to investmentsor services of a person outside ofthe UK or to other matters which are not authorised by the PRA and regulated by the FCA and thePRA or in respect of which the protections of thePRA andFCA
for private customers and/or the UK compensation scheme may not be available, and further details as to where this may be the case are available upon request in respect of this report. CS may provide various
services to US municipal entities or obligated persons ("municipalities"), including suggesting individual transactions or trades and entering intosuchtransactions. Any services CSprovides to municipalities are not
viewed as "advice" within the meaning of Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. CS is providing any such services and related information solely on an arm's length
basis and not as an advisor or fiduciary to the municipality. In connection with the provision of the any such services, there is no agreement, direct or indirect, between any municipality (including the officials,
management, employees or agents thereof) and CS for CS to provide advice to the municipality. Municipalities should consult with their financial, accounting and legal advisors regarding any such services
provided by CS. In addition, CS is not acting for direct or indirect compensation to solicit the municipality on behalf of an unaffiliated broker, dealer, municipal securities dealer, municipal advisor, or investment
adviser for the purpose of obtaining or retaining an engagement by the municipality for or in connection with Municipal Financial Products, the issuance of municipal securities, or of an investment adviser to
provide investment advisory services to or on behalf of the municipality. If this report is being distributed by a financial institution other than Credit Suisse AG, or its affiliates, that financial institution is solely
responsible for distribution. Clients of that institution should contact that institution to effect a transaction in the securities mentioned in this report or require further information. This report does not constitute
investment advice by Credit Suisse to the clients of the distributing financial institution, and neither Credit Suisse AG, its affiliates, and their respective officers, directors and employees accept any liability
whatsoever for any direct or consequential loss arising from their use of this report or its content. Principal is not guaranteed. Commission is the commission rate or the amount agreed with a customer when
setting up an account or at any time after that.
Copyright © 2013 CREDIT SUISSE AG and/or its affiliates. All rights reserved.
Investment principal on bonds can be eroded depending on sale price or market price. In addition, there are bonds on which investment principal can be
eroded due to changes in redemption amounts. Care is required when investing in such instruments.
When you purchase non-listed Japanese fixed income securities (Japanese government bonds, Japanese municipal bonds,
Japanese government guaranteed bonds, Japanese corporate bonds) from CS as a seller, you will be requested to pay the
purchase price only

Holt aerospace & defense industry

Recommended

Recommended

More Related Content

What's hot

What's hot (20)

Viewers also liked

Viewers also liked (18)

Similar to Holt aerospace & defense industry

Similar to Holt aerospace & defense industry (17)

Recently uploaded

Recently uploaded (20)

Holt aerospace & defense industry