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Smiths Aerospace

Smiths Aerospace. Presentation to Investors by Dr John Ferrie Group Managing Director Cheltenham – Thursday 26 th May 2005. Underlying demand for air transport as strong as ever. Defence remains high priority. Leadership positions still rewarding. US defence spending flattening

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Smiths Aerospace

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  1. Smiths Aerospace Presentation to Investors by Dr John Ferrie Group Managing Director Cheltenham – Thursday 26th May 2005

  2. Underlying demand for air transport as strong as ever Defence remains high priority Leadership positions still rewarding US defence spending flattening The civil aerospace industry is recovering Airline customers are still making huge losses So why is Aerospace attractive? 05/05 JF Investors Briefing

  3. Capabilities on military transports(Applications: C-130AMP, C-130J, C-17, C-27, P-8A MMA, B767 Tanker…) Cargo Door Drive/Actuator Flight Control Actuators Engine Components (Tailpipe/Shrouds) Aerial Refuelling Pods Aerial Refuelling System and Components Primary flight controls Gust lock Engine Components Primary flight controls Primary Flight Controls APU door door/slides actuators Fuel and hydraulic tubes/hoses High lift actuation system Wing structures Engine Instrument Displays Integrated Avionics Panels and Light Control Data Management Self-contained Navigation System Remote input/output Nacelles fairings Propellers Integrated Landing Gear Actuation and Control System Hydraulic Control Valves Landing Gear Actuation and Control Nose Wheel Steering System Hydraulic Control Valves Hydraulic Fuses Cable Harnesses and Connectors Airdrop System Components Auxiliary Power Environmental Control Power Distribution and Control Generators/Power Conversion 05/05 JF Investors Briefing

  4. Capabilities on fighters(Applications: JSF, F-22, F-18, Eurofighter, Hawk, F-16…) Battery Charging System Power Supplies Prognostics and Health Monitoring System Variable Speed Constant Frequency Power Generation Regulated/Transformer Rectifier Unit Fuel Dump Primary Flight Control Actuators Empennage Components Airbrake Actuator Remote Input/Output Variable Exit Nozzle/Thrust Vectoring Actuation System Engine Distress And Monitoring System Secondary Flight Control Fin Control Actuator Auto Target Recognition Gun Pod Tailcone Cable Harnesses and Connecters Primary Flight Control Actuators Canopy/Windscreen System/Canopy Actuators Refueling Probe Mission Planning And Debrief Systems (Ground Based) Stores/Weapon Deployment Actuation System Wing Structures Pylons Pylon Interface Unit Missile Lock Seat Actuator Doors Air Intake Control Landing Gear Actuation and Uplock Mechanism Nose Wheel Steering Hydraulic Valves Holdback Bar Landing Gear Actuation Door Lock Fuel Tank Active Fuel Probes Hydraulic Fuses Reservoir Valves Accumulator Integrated Modular Avionics Mission Computer Utilities Computer Stores Management Systems Interface Blanker Unit Supplementary Power and Cooling System Environmental Control System Fuel and Hydraulic Tubes/Hoses Engine Components Integrated Cockpit Suite Data Recording/Displays Pitch Feel 05/05 JF Investors Briefing

  5. Capabilities on UAVs(Applications: X-47, X-45…) Fuel and Hydraulic Tubes/Hoses Variable Speed Constant Frequency Generator Power Distribution System Regulated/Transformer Rectifier Unit Cable Harnesses And Connectors Composite Structures Utilities Computer Remote Input/Output Flight Control Actuation System Active Fuel Probes Utility/Accessory Actuators Battery Charging System Remote Interface Unit Engine Components Engine Distress and Monitoring System Refueling Probe Landing Gear Control Landing Gear Chemical and Biological Detection Stores Management System Weapon Door Control Data Recording Mission Computer Vehicle Management System Prognostics And Health Monitoring Supplementary Power and Cooling System Environmental Control System 05/05 JF Investors Briefing

  6. Capabilities on large commercial aircraft(Applications: B737, A320, B777, A330/340, B787…) Fuel Systems High-lift Systems Fuel and Hydraulic Tubes/Hoses Primary Flight Control Actuators Airframe Components Primary Flight Control Actuators Remote Input/Output Power Generation Cable Harnesses and Connecters Power Generation Environmental Control Doors and Door Actuators Flying Control Surfaces Integrated Avionics Flight Management Data Management Displays Primary Flight Control Actuators Wing Structures Landing Gear Actuation and Control Fuel Systems Structures Power Distribution Thrust Reverser and Cowl Opening Actuation System Doors and Door Actuators Utilities Management Engine Components Engine Actuation Wing Structures Landing Gear Actuation And Control 05/05 JF Investors Briefing

  7. Boeing 787 Dreamliner Major Systems won by Smiths Programme Status • Common Core • High Lift • Landing Gear • Firm Orders = 64 • Options = 24 • Entry into Service = 2008 Trend to systems integration, but each customer is different 05/05 JF Investors Briefing

  8. Airbus A380 Programme Status Major Systems won by Smiths • Firm Orders = 139 • Options = 70 • Entry into Service = 2006 • High Lift • Landing Gear 05/05 JF Investors Briefing

  9. What are we? • Aerospace Systems • Delivering Integrated Solutions • Engine Components • Growth fueled by Competitiveness • Northrop Grumman selects Smiths for J-UCAS Landing Gear System 8th February 2005 • Smiths expands Aircraft Engine Facility in China 1st November 2004 05/05 JF Investors Briefing

  10. Smiths Aerospace Business Dimensions Electronic systems FY04 Sales: £1,006m Mechanical systems • Military / Civil split ~ 60% / 40% Engine components Sales Split R&D/Sales Recent Additions • Company Funded (expense to profit) • Customer Funded (largely govt / military) • DGT acquired for £57m in mid ’04 • Integrated Aerospace acquired for £57m at end ‘05 8% 12% 05/05 JF Investors Briefing

  11. Electronic Systems Engine Components Customer Services Mechanical Systems Where are we? RoW China Poland Australia Singapore Total employees: circa 11,000 05/05 JF Investors Briefing

  12. Smiths Aerospace on Major Platforms Typical programme revenues Boeing 787: $2.6b common core system, landing gear and high lift actuation systems, flight recorder Airbus A380:$1b landing gear extension & retractionsystem, actuators, high lift actuation, wing components Airbus 320: $650m avionics, hydraulics, engine components JSF:$3bavionics, utilities, hydraulics, engine components Eurofighter:$600mavionics, utilities, hydraulics, engine components Boeing 777: $800m electrical power, utilities, hydraulics, engine components F-18 E/F:$650m weapons systems, utilities, hydraulics, engine components 05/05 JF Investors Briefing

  13. Electronic Systems Mechanical Systems Honeywell Moog Rockwell Collins Cobham Hamilton Sundstrand Goodrich Goodrich Liebherr Thales Parker Engine Components Customer Services Barnes Group Third Party Repair Centres Primes in-house capabilities Carlton GKN Operators in-house capabilities Magellan Doncasters Firth Rixson Competitors 05/05 JF Investors Briefing

  14. Civil Military GE/CFM  Pratt & Whitney  Rolls Royce/Eurojet  Aeroengine Component supplier Engine side wall Fabricated Mixers Machined Shafts Machined Combustors Flash Welded Rings 05/05 JF Investors Briefing

  15. Business Dimensions - Aftermarket TotalIntegratedSupport • Service Based PBL / Logistics Support 2005 Sales • Performance Based Aftermarket Original Equipment Rate per hour • Usage based Fixed Price • Cost Based Time & Material • Cost driven • Reactive 05/05 JF Investors Briefing

  16. How are we performing? Smiths Aerospace performance in H1 2005 Aerospace £ m Sales Operating Profit Margin H1 2005 514 39 8% at constant currency +17% +24% Contribution to Smiths Group operating profit US 101 Eurofighter Boeing 787 • Delivered first system for Airbus A380, F-35 JSF, C-130 AMP • Development work on Boeing 787 Dreamliner on schedule • Selected for complete landing gear on X-47B • Teamed with Lockheed on US 101 Presidential helo fleet • Capacity in China doubled by 2006 • Engine component plant in Poland being expanded 05/05 JF Investors Briefing

  17. Military OE Aftermarket Civil OE 2005 (expected) 2005 sales Commercial OE 2004 Military OE Aftermarket 2003 10% 10% 20% 10% (underlying growth, excluding acquisitions at constant currency) Smiths Aerospace: Sales Trends 05/05 JF Investors Briefing

  18. Actuals Forecast 30 25 20 15 Aircraft Production Value $bn 10 5 0 2004 2006 2007 2008 2005 2012 2009 2010 2011 2003 2001 2002 Light Fighter/Attack/Trainer Military Helicopters Heavy Fighter Other Fixed-Wing The Future: Our view of the Global Military market Smiths increasing market share while market flattens 05/05 JF Investors Briefing

  19. Actuals Forecast 100 80 60 Aircraft Production Value $bn 40 20 0 2004 2006 2007 2008 2005 2012 2009 2010 2011 2003 2001 2002 Civil Helicopters Exec/Utility Turboprops Business Jets Regional Transports Commercial Jets The Future: Our view of the Global civil market Smiths increasing market share Opportunities in later years for new narrow bodies 05/05 JF Investors Briefing

  20. We have strong platform positions – gaining market share Engine Components business delivering planned growth Sustained drive on all aspects of cost Supported by increased R&D Growing as anticipated US defence spending flattening The civil aerospace industry is recovering Airline customers are still making huge losses So why is Smiths so confident? 05/05 JF Investors Briefing

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