European MRO Market “this focuses on the near-term status of the market, provides insight into the state of the market in the recently completed 2Q04, and analyses fundamental trends in the market today” Financial Services Team Frost & Sullivan

Emergence of low-cost carries has contributed significantly to thriving independent MRO business Engines and components segments are the fastest growing segments Unlike in the US, Labour rates continue to be under pressure in Europe except for Engine MRO work Labour intensive work is moving out of high-wage regions Overcapacity is leading to consolidation of smaller players Wide-bodied MRO is still to pick-up Industry Trends

This research of Frost & Sullivan Financial Services provides: Market sizing and competitive analysis Near term outlook for MRO sector by type of work and type of aircraft Valuation multiples of MRO companies Individual company analysis Market trends for commercial airline industry Key Features

In-depth coverage: European MRO market Proven methodology encompassing extensive primary and secondary data and research Focused information and strategies that cover business and technology issues Credible data and analysis highlighting industry dynamics What We Offer

Current Market Participants Find out the size of European and global MRO market Find out how you compare to the competition Determine and exploit new market opportunities Understand the growth prospects across each end-user segment Look out for possible alliance or acquisition targets Investment Community Find out about current trends in the MRO sector, which is a leading indicator of Aerospace & Defense market Determine which participants will outperform the competition Assess what investment is justified into MRO sector of Aerospace & Defense sector Look out for possible M&A deals in the MRO sector Who Will Benefit?

 Key airline industry trends  2Q 04 MRO Europe survey findings  Sales  Labour rates  Backlogs  Historical performance of MRO companies  Valuation multiples of MRO companies What’s Included

Key Market Participants Air France Industries Boeing General Dynamics Goodrich Honeywell KLM Lufthansa Marshall Aerospace Raytheon Rolls-Royce S R Technics Sabena Technics Shannon International Snecma

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