Data Monitor Boeing

Boeing Company,The

Company Profile

Publication Date: 16 Jul 2010

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Boeing Company,The

TABLE OF CONTENTS

Company Overview..............................................................................................4

Key Facts...............................................................................................................4

Business Description...........................................................................................5

History...................................................................................................................7

Key Employees...................................................................................................14

Key Employee Biographies................................................................................15

Major Products and Services............................................................................23

Revenue Analysis...............................................................................................24

SWOT Analysis...................................................................................................26

Top Competitors.................................................................................................33

Company View.....................................................................................................34

Locations and Subsidiaries...............................................................................39


Boeing Company,TheTABLE OF CONTENTS

COMPANY OVERVIEW

The Boeing (Boeing) is engaged in the design, development, manufacturing, sale and support ofcommercial jetliners, military aircraft, satellites, missile defense, and launch systems and services.The company operates in the US and Europe. It is headquartered in Chicago, Illinois and employsabout 157,100 people.

The company recorded revenues of $68,281 million during the financial year ended December 2009(FY2009), an increase of 12.1% over FY2008. The increase in revenues was due to strongperformance of commercial airplanes, and Boeing defense, space and security divisions of thecompany. The operating profit of the company was $2,096 million during FY2009, a decrease of46.9% compared to FY2008. The net profit was $1,312 million in FY2009, a decrease of 50.9%compared to FY2008.

KEY FACTS

Boeing Company, TheHead Office100 North Riverside PlazaChicagoIllinois 60606 1596USA

1 312 544 2000Phone

Fax

http://www.boeing.comWeb Address

68,281.0Revenue / turnover(USD Mn)

DecemberFinancial Year End

157,100Employees

BANew York Ticker


Boeing Company,TheCompany Overview

BUSINESS DESCRIPTION

The Boeing (Boeing) is one of the world’s largest aerospace companies and a leading manufacturerof commercial airplanes and defense, space and security systems. It is one of the largest exportersin the US, serving customers in 90 countries. The company is one of the two major manufacturersof 100+ seat airplanes for the worldwide commercial airline industry and one of the largest defensecontractors in the US.

The company operates through six business divisions, commercial airplanes, Boeing military aircraft,network and space systems, global services and support, Boeing Capital Corporation, and other.

The commercial airplanes division develops, produces and markets commercial jet aircraft andrelated support services, principally to the commercial airline industry worldwide.This division offersa range of commercial jetliners designed to meet a broad spectrum of passenger and cargorequirements of domestic and non-U.S. airlines. This range of commercial jet aircraft currentlyincludes the 737 narrow-body model and the 747, 767, 777 and 787 wide-body models. Thecommercial airplanes division also offers aviation services support, aircraft modifications, spares,training, maintenance documents and technical advice to commercial and government customersworldwide.

Boeing military aircraft, network and space systems, global services and support divisions comprisethe company’s Boeing Defense, Space and Security (BDS) business. BDS operations principallyinvolve research, development, production, modification and support of global strike systems, globalmobility systems, rotorcraft systems, airborne surveillance and reconnaissance aircraft, network andtactical systems, intelligence and security systems, missile defense systems, and space andintelligence systems. BDS’ customers include the United States Department of Defense (US DoD),the National Aeronautics and Space Administration (NASA) and other significant entities in theinternational defense, civil and commercial satellite markets.

Boeing military aircraft division is engaged in the research, development, production and modificationof military aircraft and precision engagement and mobility products and services.The division offersAH-64 Apache, Airborne Early Warning and Control (AEW&C), CH-47 Chinook, C-17 Globemaster,EA-18G Growler Airborne Attack Electronic Aircraft, F/A-18E/F Super Hornet, F-15 Strike Eagle,F-22 Raptor, Harpoon, International KC-767 Tanker, Joint Direct Attack Munition, P-8A Poseidon,Small Diameter Bomb, T-45 TS Goshawk and V-22 Osprey.

Network and space division is engaged in the research, development, production and modificationof products and services to assist its customers in transforming their operations through networkintegration, intelligence and surveillance systems, communications, architectures and spaceexploration.This division offers a wide range of products including airborne laser, family of advancedbeyond line-of-sight terminals, brigade combat team modernization (formerly Future Combat Systems),future rapid effects system, global positioning system, ground-based midcourse defense, internationalspace station, joint tactical radio system, satellite systems, SBInet, space payloads and space shuttle.


Boeing Company,TheBusiness Description

Global services and support segment division is engaged in the operations, maintenance, training,upgrades and logistics support functions for military platforms and operations. This division offers awide range of activities, including integrated logistics on platforms AH-64, AV-8B, C-17, CH-47, F-15,F/A-18, F-22, GMD, International 767 Tanker and V-22; and maintenance, modifications and upgradeson platforms A-10, B-1, B-52, C-32, C-40, C-130, E-4B, E-6, KC-10, KC-135, T-38 and VC-25. Italso offers training systems and services on platforms including AH-64, C-17, F-15, F-16, F/A-18and T-45 and international support and advanced global services and support.

Boeing Capital Corporation (BCC) facilitates, arranges, structures and provides selective financingsolutions for the company’s commercial airplanes customers. In the space and defense markets,BCC primarily arranges and structures financing solutions for its BDS government customers. BCC’sportfolio consists of equipment under operating leases, finance leases, notes and other receivables,assets held for sale or re-lease and investments.

All other activities fall within the other division, principally made up of engineering, operations andtechnology (EO&T) and its shared services group. EO&T is an advanced research and developmentorganization focused on innovative technologies, improved processes and the creation of newproducts.


Boeing Company,TheBusiness Description

HISTORY

The Boeing’s (Boeing's) origination dates back to 1916, when William Boeing incorporated hisairplane manufacturing business as Pacific Aero Products. A year later, he changed the name toBoeing Airplane and Transportation. The company changed its name to United Aircraft andTransportation in 1929. By that time it started building airplanes, engines and propellers and diversifiedinto other businesses such as delivering mails, maintaining airports, and operating airlines acrossthe country.

The 1934 antitrust legislation prevented airline manufacturers from owning mail-carrying airlines.Subsequently, the United Aircraft and Transport became three entities: United Air Lines (responsiblefor air transportation), United Aircraft (responsible for manufacturing operations in the eastern US;renamed United Technologies), and the Boeing Airplane (responsible for manufacturing operationsin the West; included Stearman Aircraft and Boeing Aircraft of Canada).

During World War II, Boeing built a huge number of bombers.The major project undertaken in 1950swas the B-52 Stratofortress. Boeing began delivery of its B707, a four-engine, 156-passenger airliner,in 1958. A few years later, Boeing added a second version of this aircraft, the B720 and B727.

During the 1960s, the company acquired Piasecki Helicopter, and later changed its name to BoeingVertol. The twin-rotor CH-47 Chinook, produced by Vertol, took its first flight in 1961. Vertol alsobegan production of the CH-46 Sea Knight in 1964. Boeing introduced another short and mediumrange airliner, the twin-engine B737 in 1967. The company built the first B747, a four-enginelong-range airliner, with 450-passenger seating capacity in 1970.

Boeing assembled its 1,000th B737 passenger airliner in 1983. During the following years, commercialaircraft and their military versions became the basic equipment of airlines and air forces. Boeingexpanded the Boeing Computer Services by the end of the 1980s. The company introduced acommercial jet aircraft, the twin-engine B777, with a seating capacity of 390 passengers in 1994. Itwas the first airliner to be designed entirely by computer by using Computer Aided Design techniques.

The company acquired Rockwell International's aerospace and defense units in 1996. Boeing andMcDonnell Douglas merged and began operations as a single company in 1997. Boeing acquiredAutometric, a geospatial information technology company, and Continental Graphics, a provider oftechnical information to the aviation industry, in 2000. Other acquisitions in 2000 included AeroInfoSystems, a provider of advanced maintenance software applications for the airline industry; SVS,which specialized in electro-optical systems; and Hawker de Havilland, which specialized in aircraftparts fabrication.

During 2002, the company underwent a restructuring program and created the integrated defensesystems, a business unit merging the company's total space, defense, government, intelligence andcommunications capabilities into one organization. In 2003, the US Air Force leased 100 KC-767tankers from Boeing, to replace the oldest 136 of its KC-135s.


Boeing Company,TheHistory

The company won two joint direct attack munition contracts in 2004, from the DoD valued at around$857 million. Also in 2004, the company acquired Frontier Systems, a developer of the A-160Hummingbird and Maverick unmanned aerial vehicles. In the same year, Boeing sold its commercialfinancial services business to GE Commercial Finance. The company also finalized an order withAir China, for seven new Next-Generation 737-700 jetliners. Later in the year, the company enteredinto a co-operative partnership in the area of global missile defense with CEA Technologies ofAustralia. Northwest Airlines awarded an order for up to 68 Boeing 787 Dreamliners. Also in 2004,Japan Airlines entered a purchase contracts for 30 Boeing 787 Dreamliners and 30 Next-Generation737-800 passenger airplanes.

In 2005, Boeing and Bavaria International Aircraft Leasing reached an agreement for six more BoeingNext-Generation 737-700 airplanes, valued at $330 million at list prices. During the same year,Boeing and the US Army signed a $549 million contract, for 17 new-build CH-47F Chinook helicopters.Later in the year, SpiceJet placed a firm order for Boeing’s ten airplanes, valued at $630 million atlist prices. Also in 2005, Boeing completed the sale of Torrance, California-based Boeing ElectronDynamic Devices to L-3 Communications. Subsequently, the company received a $609-millioncontract from the US Air Force for additional Joint Direct Attack Munition tail kits.

Boeing and KLM Engineering and Maintenance signed a cooperative agreement in 2005, to jointlyoffer the Next-Generation 737 Component Services Program, which provides fast access to criticalparts. In the same year, the company opened F-15C distributed mission training facility in Japan.Later in the year, Boeing and BAE Systems Australia signed a world teaming agreement to workclosely together to capture future airborne early warning and control business. Subsequently, thecompany and Hamilton Sundstrand, a subsidiary of United Technologies, signed an agreement thatallows them to significantly reduce an airline's maintenance costs.

n 2006, Boeing partnered with Israel Aircraft Industries to provide the Israel Missile DefenseOrganization with all-weather defense capability against short-range ballistic missiles and long-rangeartillery rockets. In the same year, the company developed flight control technologies that enhancethe autonomous operations of advanced unmanned aerial vehicles. Later in the year, the companyacquired Carmen Systems, a Sweden based provider of crew scheduling and disruption managementsoftware for the world's airlines and railroads. During 2006, Boeing signed an agreement with theUS army for development of the Block III AH-64D Apache Longbow program.

Boeing unveiled the new 737-900ER airplane in 2006. During the same period, the company launchedBoeing 747-400 Large Cargo Freighter at Taipei's Chiang Kai-Shek International Airport. Later inthe year, Boeing acquired Aviall, the Texas based largest independent provider of new aviation partsand related aftermarket services in the aerospace industry. Also during 2006, Boeing partnered withLockheed Martin to form a joint venture called United Launch Alliance.

In 2007, the company received an order from Jet Airways, India for 10 787-8 Dreamliners. In thesame year, Boeing purchased C-Map, a leading provider of digital maritime cartography, data servicesand other navigational information. Later in the year, the company selected Rockwell Collins for theentire suite of displays, autopilot, communication, navigation, surveillance, maintenance, emergency



and data management systems for its new 747-8 family. Subsequently, Azerbaijan Airlines placedan order for three 787-8 Dreamliners and two Next-Generation 737-900ERs.

Boeing received an order from ALAFCO Aviation Lease and Finance in 2007 for 12 787-8 airplanesand six Next-Generation 737-800s. In the same year, the company opened a new Integrated MaterialsManagement Asia Regional Center in Singapore. Later in the year, Boeing confirmed an order byAir Canada for 23 Boeing 787 Dreamliners. Further in 2007, the company received an order fromTUI Group, for 11 787-8 Dreamliners and 50 Next-Generation 737s. Later in the same year, Boeingreceived an order from GE Commercial Aviation Services for six Boeing 777 Freighters.

In 2007, Boeing and Korea Aerospace Industries signed a Memorandum of Agreement for theRepublic of Korea's E-X 737 airborne early warning and control program. In 2007, Boeing receivedan order from International Lease Finance for 63 airplanes. In the same year, the company launchedthe Boeing 787 Dreamliner, a mid-sized, wide-body, twin engine jet airliner with seating capacitybetween 290 and 310. The company received orders for 677 airplanes worth more than $110 billionin 2007. In the same year, Air Berlin placed an order for 25 787-8 airplanes valued at $4 billion.

The company was awarded a contract to build a commercial satellite for ProtoStar, in the first quarterof 2008. In the same quarter, Boeing and Bahrain's national carrier Gulf Air finalized negotiationsfor up to 24 Boeing 787 Dreamliners. Later in the quarter, the company entered into an agreementwith India-based TAL Manufacturing Solutions, a wholly owned subsidiary of Tata Motors, formanufacturing structural components for Boeing's 787 Dreamliner airplane program. The companyentered into a joint venture with Tata Industries, India during the same period, to include more than$500 million of defense-related aerospace component work in India for export to Boeing and itsinternational customers. Also in the first quarter of 2008, Boeing and Orion Propulsion signed agovernment-sponsored Mentor-Protege agreement to work together on NASA's Ares I rocket, whichwould transport astronauts into space after the space shuttle retires.

In the second quarter of 2008, Boeing Launch Services was awarded a contract to launchDigitalGlobe's second WorldView Earth-imaging satellite on a Delta II launch vehicle. In the samequarter, Boeing received an order from the Government of Iraq, for 30 Boeing 737-800 commercialairplanes. Also, Boeing opened its new EA-18G Growler Support Center at Naval Air Station WhidbeyIsland, Washington, the US. During the same quarter, Boeing and SAS Technical Services signedan Integrated Materials Management maintenance agreement to reduce operating costs and improveservice to STS airline customers. Later in the quarter, Boeing and Blue Air entered into an agreementon an order for three Next-Generation 737-900ER jetliners.

Boeing finalized an agreement in the second quarter of 2008, to acquire Vought Aircraft Industries'interest in Global Aeronautica, a South Carolina fuselage sub-assembly facility for Boeing's newestairplane, the 787 Dreamliner. In the same quarter, the company was awarded B-52 airborne electronicattack technical maturation contract, by the US Air Force Research Laboratory. In the next quarter,Boeing received an order from Etihad Airways, for 35 787-9 Dreamliners and 10 777-300ERs.Subsequently, the company also received an order from Arik Air for an additional sevenNext-Generation 737s.



In the third quarter of 2008, Boeing received an order from Malaysia Airlines, for 35 Next-Generation737-800 airplanes. During the same quarter, the company also received an order from Air China,for 15 777-300ER and 30 Next-Generation 737-800 jetliners. Later in the quarter, the companyopened a New Mission Control Center in El Segundo, California to support satellite customers.Further in the third quarter of 2008, Boeing received a fixed-price contract by the US Navy, to producean updated shipboard network communications system for the USS Arleigh Burke guided-missiledestroyer.

Boeing was awarded a $153 million US Navy contract in the third quarter of 2008, to design anddevelop the Countermine System. Boeing was also awarded a five-year US Army contract in thesame period, for 191 CH-47F Chinook Helicopters. Later in the quarter, Boeing acquired Insitu, apioneer in the unmanned air systems market. Furthermore, Boeing was awarded a contract for theinitial phase of upgrading the radar on Saudi Arabia's fleet of five E-3A Airborne Warning and ControlSystem aircraft. Later in the third quarter of 2008, the company launched Defense and GovernmentServices division within its Integrated Defense Systems business. By the end of the quarter, Boeingand the US Air Force opened a new F-15E Mission Training Center at Royal Air Force Lakenheathin Suffolk, the UK.

In the fourth quarter of 2008, the company received a $650 million International Space Stationcontract extension from NASA. The company also opened a new experimentation center in Suffolk,Virginia, the US during the same period. Later in the quarter, Boeing completed its acquisition ofTapestry Solutions, a San Diego-based company. The company selected Asian CompositeManufacturing in the fourth quarter of 2008, to provide the elevator and rudder-machined honeycombcore for Boeing's 777 airplane. In the same quarter, Boeing acquired Federated Software Group, aSt. Louis-based company; and a Digital Receiver Technology, a company that develops wirelesssurveillance products for government customers.

In January 2009, Boeing received two contracts from the US Department of Defense for continuedproduction of Joint Direct Attack Munition tail kits and Small Diameter Bombs. In February 2009, thecompany was awarded a one-year, $250 million Missile Defense Agency contract for Ground-basedMidcourse Defense maintenance and operations support.

Boeing entered into an agreement with Bharat Electronics in February 2009, to open analysis andexperimentation center in India. In March 2009, the company entered into a lease agreement withMexicana Group, for 25 Boeing 717-200 airplanes to be used by Mexicana's Click operation. In thesame month, Boeing signed a Memorandum of Agreement with Terma, to provide Terma a minimumof 30% of the industrial co-operation investments outlined in Boeing's Super Hornet proposal toDenmark. The company opened its research and technology centre in India in March 2009. In thesame month, Boeing received an order from the US Customs and Border Protection for NorthernBorder Project.

In April 2009, Boeing and Systematic signed three MoU’s (Memoranda of Understanding) for futurebusiness co-operation between the two companies. In the same month, the company was awardeda US Navy contract to develop the Free Electron Laser weapon system. In May 2009, the companyreceived an order from Turkish Airlines, for five Boeing 777-300ER airplanes. In the same month,



Boeing signed a contract with AgustaWestland, to provide ICH-47F Chinook helicopters to ItalianArmy. In May 2009, the company also received a contract to develop and test a nonlethal, highpower microwave airborne demonstrator for the US Air Force Research Laboratory'sCounter-electronics High Power Microwave Advanced Missile Project.

In June 2009, Boeing received A-10 sustainment and integration contract from the US Air Force. Inthe same month, Boeing formed an Unmanned Airborne Systems division within its defense andspace business unit. Later in the month, the company signed an agreement to acquire eXMeritus,a company that provides hardware and software to federal government. Also during June 2009,Boeing received a contract from the US Army, for future combat systems spin out production.Subsequently, the company received a 10-year contract worth of $750 million, from the US Air Forceto provide engineering support for the B-52 bomber.

In July 2009, Boeing agreed to acquire the business and operations conducted by Vought AircraftIndustries (Vought) at its South Carolina facility. In the same month, the company and IFAD TS, aDanish leader in aviation simulation and networked training products, signed a MoU to exploreopportunities to support F/A-18E/F Super Hornet training systems facility requirements. Intelsat, aprovider of fixed satellite services, selected Boeing to build four telecommunication satellites, duringthe same period. By the end of month, the company completed the acquisition of Vought.

Boeing received a $15 billion contract in August 2009, from the Canadian government for 15 newCH-47F Chinook heavy-lift helicopters. During the same month, Boeing and DONG Energy ofDenmark signed a MoU, paving the way for combined innovation on energy-related technology andbusiness pursuits. In the next month, the company received a three-year Checkout, Assembly andPayload Processing Services contract worth $156.5 million from NASA, to provide services atKennedy Space Center and Cape Canaveral Air Force Station. Also during September 2009, Boeingconnected two additional F-15E Mission Training Centers (one at Seymour Johnson Air Force Base,North Carolina, and one at Royal Air Force Lakenheath, the UK) to the US Air Force's DistributedMission Operations Network.

In October 2009, Boeing joined with Honeywell's UOP to commission a study on the sustainabilityof a leading family of saltwater-based plant candidates for renewable jet fuel. In the same month,the company launched the WorldView-2 satellite for DigitalGlobe aboard a Delta II rocket. Later inthe month, Boeing; the Airports and Auxiliary Services agency, an arm of Mexico’s Ministry ofCommunications and Transport; and Honeywell’s UOP; announced a collaboration to identify,research and develop a commercially viable market for Mexico-sourced sustainable aviation biofuels.Also during October 2009, Boeing completed its industrial cooperation program for the AH-64DApache Armed Helicopter Program for the Netherlands Ministry of Economic Affairs.

Boeing Defence Australia, a wholly owned subsidiary of Boeing, signed a Deed of Standing Offerto provide Electromagnetic Environmental Effects testing and design services for Australian DefenceForce aircraft and systems, in November 2009. In the same month, Boeing was selected to receivefederal stimulus funds from the US Department of Energy as part of a three-year study to improvethe efficiency and reliability of the US' power grid. Later in December 2009, the company acquired



Alenia North America's half of Global Aeronautica, a South Carolina fuselage subassembly facilityfor Boeing's 787 Dreamliner.

In January 2010, Boeing, the Masdar Institute of Science and Technology, Etihad Airways, andHoneywell's UOP announced an agreement to establish a major research institution anddemonstration project in Abu Dhabi dedicated to sustainable energy solutions. During the samemonth, the company was awarded a five-year In-Service Support contract worth $600 million forProject Wedgetail, Australia's 737 Airborne Early Warning and Control program. The contract wasawarded from Australia's Defence Materiel Organization. Later in February 2010, Boeing was awardeda $324 million Foreign Military Sales contract from the Electronics Systems Center at Hanscom AirForce Base, Massachusetts, to upgrade France's fleet of four E-3F Airborne Warning and ControlSystem aircraft, as well as the fleet's ground system.

Boeing signed a contract in February 2010, with Hindustan Aeronautics (India based manufacturer)to provide weapons bay doors for eight P-8I long-range maritime reconnaissance and anti-submarinewarfare aircraft that will be delivered to the Indian navy. In the same month, the company receiveda $138 million worth contract from the US Army, for low-rate initial production of the initial brigadeset of Brigade Combat Team Modernization Increment 1 capabilities. In March 2010, Boeing launchedtwo new versions of its Visual Security Operations Console (VSOC) security management product,VSOC Responder and VSOC Smart Building. The new products build on the sensor-networkingcapabilities of VSOC Sentinel to display 3-D models and real-time incident information on onecomputer screen, allowing for greater situational awareness.

In April 2010, the company completed its industrial cooperation program for the third phase of theCH-47D Chinook rotorcraft upgrades performed for the Spanish Army's Airmobile Force, FAMET.In May 2010, Boeing announced the formation of the Airlift and Tankers division within its militaryaircraft business unit. The new division will lead the company's sustained pursuit and execution ofthe US and international tanker and fixed-wing mobility aircraft business. In the same month, thecompany announced London-based Monarch Aircraft Engineering, as a maintenance, repair andoverhaul partner for the aerospace company's GoldCare service offering for the 787 Dreamliner.Monarch Aircraft Engineering will provide scheduled maintenance operations in support of the 787fleet.

Boeing unveiled the fighter-sized Phantom Ray unmanned airborne system in May 2010. Later inJune 2010, Boeing and Canadian industry partners announced the launch of a new research anddevelopment consortium aimed at strengthening Canada's competitive position in the manufacturingof advanced composite materials for aerospace and other industries. During the same month, thecompany won a major research and development support contract worth up to $1.7 billion for theNext-Generation Air Transportation System from the US Federal Aviation Administration. Later inthe month, Boeing was awarded the US Air Force's Mission Planning Enterprise Contract-II (MPEC-II)to provide software management, development, integration and services for mission planning systems.MPEC-II was a multiple-award, indefinite delivery/indefinite quantity contract with a $1 billion totalvalue over 10 years.



In June 2010, Boeing and Northrop Grumman announced a strategic partnership to pursue thecompetitive development and sustainment contract for future work on the Ground-based MidcourseDefense system for the US Missile Defense Agency. In the same month, the company received a$216 million contract from the US Air Force to upgrade the service's 59-jet KC-10 tanker fleet witha new communication, navigation, surveillance and air traffic management system. Later in themonth, Boeing and the US Federal Aviation Administration announced plans of working together tospeed the development and application of environmentally progressive technologies for cleaner andquieter jet aircraft. Also during June 2010, Boeing and VSMPO AVISMA signed a new five-yearcontract extension. According to the contract, Boeing will buy titanium forgings and rough-machinedtitanium forgings from VSMPO-AVISMA that will be used on the Boeing 787 Dreamliner, 777 and737 commercial airplane models.

Boeing and Innovation Center of Skolkovo, Russia, signed an agreement in June 2010, to formalizeBoeing’s participation in the Skolkovo Innocity project. Under the agreement, Boeing, together withits Russian partners, Progresstech and Luxoft, will set up a division of Boeing’s Moscow DesignCenter at Skolkovo. During the same month, Boeing and Argon entered into an agreement forBoeing's acquisition of Argon, a developer of command, control, communications, computers,intelligence, surveillance, and reconnaissance (C4ISR) and combat systems.

Later in July 2010, the company announced an agreement to acquire Narus, a provider of real-timenetwork traffic and analytics software used to protect against cyber attacks and persistent threatsaimed at large Internet Protocol networks. In the same month, Boeing unveiled the hydrogen-poweredPhantom Eye unmanned airborne system. The capabilities inherent in Phantom Eye's design offersgame-changing opportunities for the company’s military, civil and commercial customers.



KEY EMPLOYEES

BoardJob TitleName

Executive BoardChairman, President and Chief Executive OfficerW. James McNerney

Non Executive BoardDirectorJohn H. Biggs

Non Executive BoardDirectorJohn E. Bryson

Non Executive BoardDirectorDavid L. Calhoun

Non Executive BoardDirectorArthur D. Collins

Non Executive BoardDirectorLinda Z. Cook

Non Executive BoardDirectorWilliam M. Daley

Non Executive BoardDirectorKenneth M. Duberstein

Non Executive BoardDirectorEdmund P. Giambastiani

Non Executive BoardDirectorEdward M. Liddy

Non Executive BoardDirectorJohn F. Mcdonnell

Non Executive BoardDirectorSusan C. Schwab

Non Executive BoardDirectorMike S. Zafirovski

Senior ManagementExecutive Vice President; and President andChief Executive Officer, Commercial Airplanes

James F. Albaugh

Senior ManagementExecutive Vice President, Corporate Presidentand Chief Financial Officer

James A. Bell

Senior ManagementSenior Vice President, Office of InternalGovernance

Wanda K. Denson-Low

Senior ManagementSenior Vice President, CommunicationsThomas J. Downey

Senior ManagementPresident, Boeing International; and Senior VicePresident, Business Development and Strategy

Shephard W. Hill

Senior ManagementSenior Vice President, Government OperationsTimothy Keating

Senior ManagementExecutive Vice President and General CounselJ. Michael Luttig

Senior ManagementExecutive Vice President; President and ChiefExecutive Officer, Boeing Defense, Space andSecurity

Dennis A. Muilenburg

Senior ManagementSenior Vice President, Human Resources andAdministration

Richard Stephens

Senior ManagementChief Technology Officer and Senior VicePresident, Engineering, Operations andTechnology

John J. Tracy


Boeing Company,TheKey Employees

KEY EMPLOYEE BIOGRAPHIES

W. James McNerney

Board: Executive BoardJob Title: Chairman, President and Chief Executive OfficerSince: 2005Age: 60

Mr. McNerney has been the Chairman, President and Chief Executive Officer at Boeing since 2005.Previously, he served four and a half years as the Chairman and Chief Executive Officer at 3M. Mr.McNerney served in various management positions at General Electric, most recent being thePresident and Chief Executive Officer at GE Aircraft Engines from 1997 until 2000. He is also aDirector at Boeing, Procter & Gamble, and IBM. Mr. McNerney serves as a Member at The FieldMuseum Board of Trustees in Chicago, and at the Northwestern Memorial HealthCare Board. Heis also a Trustee at Northwestern University. Mr. McNerney also serves on the executive committeeof The Business Roundtable. He is the former Chairperson at The Business Council, the US-ChinaBusiness Council, and the American Society of Corporate Executives.

John H. Biggs

Board: Non Executive BoardJob Title: DirectorSince: 1997Age: 73

Mr. Biggs has been a Director at Boeing since 1997. He served as the Chairman and Chief ExecutiveOfficer at Teachers Insurance and Annuity Association-College Retirement Equities Fund(TIAA-CREF) from 1993 to 2002. Mr. Biggs also served as the President at TIAA-CREF. He servesas a Director at National Bureau of Economic Research and at Pension Rights Center in Washington;and as a Trustee at Washington University in St. Louis, Missouri and at The Danforth Foundationin St. Louis, Missouri. Mr. Biggs is also a Member of the Board of Emeriti and the Chairman of theWashington University Investment Management.

John E. Bryson



Boeing Company,TheKey Employee Biographies

Mr. Bryson has been a Director at Boeing since 1995. He is the Senior Advisor, at Kohlberg KravisRoberts & Co. Mr. Bryson served as the Chairman, President and Chief Executive Officer at EdisonInternational from 1990 to 2008. He is also on the Board at The Walt Disney and at CODA Automotive.Mr. Bryson serves as a Trustee at the California Institute of Technology; a Director at the W.M. KeckFoundation and The California Endowment; and the Chairman at Pacific Council on InternationalPolicy.

David L. Calhoun


Mr. Calhoun has been a Director at Boeing since 2009. He has been the Chairman of the ExecutiveBoard and Chief Executive Officer at The Nielsen, since 2006. Previously, Mr. Calhoun served asVice Chairman at General Electric and as the President and Chief Executive Officer at GEInfrastructure. Before that, he served as the President and Chief Executive Officer at GETransportation, GE Aircraft Engines, Employers Reinsurance, GE Lighting, and GE TransportationSystems. Mr. Calhoun also serves on the Board of Directors at Medtronic, and at the NationalUnderground Freedom Center. He serves as Co-Chairman of the Campaign for Virginia Tech.

Arthur D. Collins


Mr. Collins has been a Director at Boeing since 2007. He is the Senior Advisor at Oak Hill CapitalPartners. Mr. Collins served as the Chairman at Medtronic from 2002 to 2008. At Medtronic, heserved as the Chairman and Chief Executive Officer, from 2002 to 2007; President and ChiefExecutive Officer, from 2001 to 2002; President and Chief Operating Officer, from 1996 to 2001;and Chief Operating Officer from 1994 to 1996. Mr. Collins also served as the Executive VicePresident at Medtronic and as President at Medtronic International from 1992 to 1994. He alsoserved as the Corporate Vice President at Abbott Laboratories (health care products) from 1989 to1992 and Divisional Vice President at Abbott from 1984 to 1989. Mr. Collins is also on the Board atUS Bancorp and Cargill and is also a member of the Board of Overseers at The Wharton School atthe University of Pennsylvania.

Linda Z. Cook

Board: Non Executive BoardJob Title: Director



Since: 2003Age: 51

Ms. Cook has been a Director at Boeing since 2003. She served as the Executive Director at RoyalDutch Shell, from 2004 to 2009. Prior to that, Ms. Cook was the Managing Director at Royal DutchPetroleum. She served as the President, Chief Executive Officer and a Director at Shell Canada,from 2003 to 2004. Ms. Cook served as Chief Executive Officer at Shell Gas & Power from, 2000through 2003. She is a Director at Cargill. Ms. Cook is also a member of the Society of PetroleumEngineers, the China Development Forum, the Board of Trustees for the University of KansasEndowment Association, and the Advisory Board for the University of Texas Energy Institute.

William M. Daley


Mr. Daley has been a Director at Boeing since 2006. He has been the Vice Chairman and Head ofthe Office of Corporate Responsibility at JPMorgan Chase & Co, since 2007. Mr. Daley has alsobeen the Chairman of the Midwest Region at JPMorgan Chase & Co, since 2004. He served as theUS Secretary of Commerce from 1997 to 2000. Mr. Daley served as President, SBC Communications,from 2001 to 2004. He also served as Vice Chairman at Evercore Capital Partners, during 2001.Mr. Daley is also on the Board at Abbott Laboratories and at Boston Properties, from 2003 until2007.

Kenneth M. Duberstein


Mr. Duberstein has been a Director at Boeing since 1997. He has been the Chairman and ChiefExecutive Officer at Duberstein Group, since 1989. Mr. Duberstein was White House Chief of Staffin 1988 and 1989. He served on the Boards at Fannie Mae from 1998 until 2007 and at CollegiateFunding Services, from 2004 until 2007. Mr. Duberstein is also a Director at ConocoPhillips, Mack-CaliRealty and The Travelers Companies.

Edmund P. Giambastiani

Board: Non Executive BoardJob Title: DirectorSince: 2009



Age: 61

Mr. Giambastiani has been a Director at Boeing since 2009. He served as the Vice Chairman of theUS Joint Chiefs of Staff, from 2005 to 2007 and as former NATO Supreme Allied CommanderTransformation, from 2003 to 2005. Mr. Giambastiani also served as a Commander for U.S. JointForces Command, from 2002 to 2005. He is a career nuclear Submarine Officer with extensiveoperational experience, including command at the submarine, squadron and fleet level. His staffexperience includes service as the co-Chairman of the Defense Acquisition Board and the Chairmanof the Joint Requirements Oversight Council. Mr. Giambastiani currently serves on the Boards atMonster Worldwide and QinetiQ Group. Previously, he served on the Board at SRA International.Mr. Giambastiani also served as the Non Executive Chairman at Alenia North America, from 2008through 2009.

Edward M. Liddy

Board: Non Executive BoardJob Title: DirectorSince: 2010

Mr. Liddy has been a Director at Boeing since 2010. He served as a Partner at Clayton, Dubilier &Rice during 2008 and rejoined the firm in January 2010. Mr. Liddy served as Interim Chairman andChief Executive Officer at American International Group, from 2008 through 2009. He served as theChairman of the Board at The Allstate from 1999 until 2008. Mr. Liddy is also on the Boards at 3Mand Abbott Laboratories, and served on the Boards at The Goldman Sachs Group, from 2003 until2008 and at The Kroger from 1996 until 2006.

John F. Mcdonnell


Mr. McDonnell has been a Director at Boeing since 1997. He served as the Chairman at McDonnellDouglas from 1988 until its merger with Boeing in 1997, and as its Chief Executive Officer from 1988to 1994. Mr. McDonnell is the Vice Chairman of the Board at Washington University and at DonaldDanforth Plant Sciences Center.

Susan C. Schwab




Ms. Schwab has been a Director at Boeing since 2010. She serves as a Professor at University ofMaryland School of Public Policy. Ms. Schwab served as US Trade Representative from 2006 to2009 and as Deputy US Trade Representative from 2005 to 2006. Prior to her service as DeputyUS Trade Representative, she served as the President and Chief Executive Officer at the UniversitySystem of Maryland Foundation, from 2004 to 2005; as a Consultant for the US Department ofTreasury during 2003; and as Dean of the University of Maryland School of Public Policy, from 1995to 2003. Ms. Schwab also serves on the Boards at Caterpillar and FedEx.

Mike S. Zafirovski


Mr. Zafirovski has been a Director at Boeing since 2004. He served as Director, President and ChiefExecutive Officer at Nortel, from 2005 through 2009. Previously, Mr. Zafirovski was the Presidentand Chief Operating Officer at Motorola from 2002 to 2005. He served as the Executive Vice Presidentand President of the Personal Communications Sector of Motorola from 2000 to 2002. Prior to joiningMotorola, Mr. Zafirovski spent 24 years with General Electric, where he served in various managementpositions, most recent being the President and CEO at GE Lighting from 1999 to 2000.

James F. Albaugh

Board: Senior ManagementJob Title: Executive Vice President; and President and Chief Executive Officer, Commercial AirplanesSince: 2009Age: 59

Mr. Albaugh has been the Executive Vice President at Boeing, since 2002 and as President andChief Executive Officer at Boeing Commercial Airplanes, since 2009. Previously, he served as thePresident and Chief Executive Officer at Boeing Defense, Space and Security, from 2002 to 2009.Prior thereto, Mr. Albaugh served as the Senior Vice President at Boeing and President of Spaceand Communications Group. Later, he was named as Chief Executive Officer of Space andCommunications Group in 2001. Mr. Albaugh also served as the President at Boeing SpaceTransportation and at Rocketdyne Propulsion and Power. He serves on the Board at TRW AutomotiveHoldings.

James A. Bell

Board: Senior ManagementJob Title: Executive Vice President, Corporate President and Chief Financial OfficerSince: 2008Age: 61



Mr. Bell has been the Executive Vice President and Chief Financial Officer at Boeing, since 2008and as its Corporate President, since 2004. Previously, he served as the Senior Vice President ofFinance and Corporate Controller from 2000 to 2004. Prior to that, Mr. Bell served as Vice Presidentof Contracts and Pricing at Boeing Space Communications from 1997 to 2000. He serves on theBoards at The Dow Chemical and at Boeing Capital.

Wanda K. Denson-Low

Board: Senior ManagementJob Title: Senior Vice President, Office of Internal GovernanceSince: 2007Age: 53

Ms. Denson-Low has been the Senior Vice President, Office of Internal Governance at Boeing since2007. Previously, she served as the company's Vice President and Assistant General Counsel withresponsibility for leading the legal staff for Boeing Integrated Defense Systems, from 2003 to 2007.Ms. Denson-Low was the Vice President of Human Resources for Integrated Defense Systems,from 2002 to 2003. She served as the Vice President and Assistant General Counsel at HughesElectronics from 1992 to 1998. Ms. Denson joined the company in 1984.

Thomas J. Downey

Board: Senior ManagementJob Title: Senior Vice President, CommunicationsSince: 2007Age: 45

Mr. Downey has been the Senior Vice President of Communications at Boeing since 2007. Prior tothis, he served as the Vice President, Corporate Communications during 2006 and as the VicePresident, Commercial Airplanes Communications from 2002 to 2006. Mr. Downey served as theCorporate Vice President, Internal and Executive Communications, from 1999 to 2002. He alsoserved as the General Manager of Communications and Community Relations for Military Aircraftand Missile Systems unit. Mr. Downey joined the company in 1986.

Shephard W. Hill

Board: Senior ManagementJob Title: President, Boeing International; and Senior Vice President, Business Development andStrategySince: 2009Age: 57

Mr. Hill has been the President at Boeing International since 2007 and has been the Senior VicePresident of Business Development and Strategy at Boeing since 2009. Previously, Mr. Hill served



as the Senior Vice President of Business Development and Strategy from 2006 to 2007. Prior thereto,he served as the Vice President, Business Development at BDS from 2002 to 2006. Mr. Hill joinedBoeing in 1996.

Timothy Keating

Board: Senior ManagementJob Title: Senior Vice President, Government OperationsSince: 2008Age: 48

Mr. Keating has been the Senior Vice President of Government Operations at Boeing, since 2008.Previously, he served as the Senior Vice President of Global Government Relations at HoneywellInternational, from 2002 to 2008. Prior to that, Mr. Keating served as the Chairman of the Board andManaging Partner at Timmons, from 1998 until 2002.

J. Michael Luttig

Board: Senior ManagementJob Title: Executive Vice President and General CounselSince: 2009Age: 55

Mr. Luttig has been the Executive Vice President and General Counsel at Boeing since 2009.Previously, he served as the Senior Vice President and General Counsel, from 2006 to 2009. Priorto that, he served on the US Court of Appeals for the Fourth Circuit from 1991 to 2006. Mr. Luttigalso served as an Assistant Attorney General of the US, and the Counselor to the Attorney Generalat the Department of Justice. Mr. Luttig was associated with Davis Polk and Wardwell from 1985 to1989. He serves on the Board at Boeing Capital and as Director at Franklin Templeton Mutual Funds.

Dennis A. Muilenburg

Board: Senior ManagementJob Title: Executive Vice President; President and Chief Executive Officer, Boeing Defense, Spaceand SecuritySince: 2009Age: 45

Mr. Muilenburg has been the Executive Vice President at Boeing and President and Chief ExecutiveOfficer of Boeing Defense, Space and Security since 2009. Previously, he served as the Presidentof Global Services and Support from 2008 to 2009. Prior thereto, Mr. Muilenburg served as the VicePresident and General Manager of Combat Systems from 2006 to 2008. He also served as VicePresident and Program Manager for Future Combat Systems from 2003 to 2006. Mr. Muilenburgjoined Boeing in 1985.



Richard Stephens

Board: Senior ManagementJob Title: Senior Vice President, Human Resources and AdministrationSince: 2005Age: 57

Mr. Stephens has been the Senior Vice President, Human Resources and Administration at Boeing,since 2005. He previously served as the Senior Vice President of Internal Services and the Presidentof Shared Services Group. Mr. Stephens was the Vice President and General Manager, IntegratedDefense Systems Homeland Security and Services. He joined Boeing in 1980.

John J.Tracy

Board: Senior ManagementJob Title: Chief Technology Officer and Senior Vice President, Engineering, Operations andTechnologySince: 2006Age: 55

Mr. Tracy has been the Chief Technology Officer and the Senior Vice President of Engineering,Operations and Technology at Boeing, since 2006. Previously, he served as the Vice President ofEngineering and Mission Assurance for Boeing Defense, Space and Security from 2004 to 2006.Prior to that, Mr. Tracy served as the Vice President of Structural Technologies, Prototyping, andQuality for Phantom Works, from 2001 to 2004; and the General Manager of Engineering for MilitaryAircraft and Missiles, from 2000 to 2001. He joined Boeing in 1981.



MAJOR PRODUCTS AND SERVICES

The Boeing (Boeing) is engaged in the design, development, manufacturing, sale and support of commercial jetliners, military aircraft, satellites, missile defense, human space flight, and launch systems and services. The company's key products and services include the following:

Commercial airplanes:

Commercial aircraftCommercial jetliners

Integrated defense systems:

Military aircraft (fighters, transports, tankers, and helicopters)MissilesSpace systemsMissile defense systemsSatellites and satellite launch vehiclesSpace launch vehiclesCommunications satellitesDelta rocketsInternational space stationSpace shuttleMaintenance services

Boeing Capital Corporation:

Financial leases Operational leasesRisk management services

Other:

IT communication solutionseBusinessComputing and network operations


Boeing Company,TheMajor Products and Services

REVENUE ANALYSIS

Overview

The Boeing (Boeing) recorded revenues of $68,281 million during the financial year ended December2009 (FY2009), an increase of 12.1% over FY2008. For FY2009, the US, the company's largestgeographic market, accounted for 57.8% of the total revenues.

Boeing generates revenues through six business divisions: commercial airplanes (49.7% of the totalrevenues during FY2009); Boeing military aircraft (20.5%); network and space systems (15.9%);global services and support (12.7%); Boeing capital corporation (1%); and other (0.2%)

Revenue by division

During FY2009, the commercial airplanes division recorded revenues of $34,051 million, an increaseof 20.5% over FY2008.

The Boeing military aircraft division recorded revenues of $14,057 million in FY2009, an increaseof 5.6% over FY2008.

The network and space systems division recorded revenues of $10,877 million in FY2009, a decreaseof 4.1% compared to FY2008.

The global services and support division recorded revenues of $8,727 million in FY2009, an increaseof 18.1% over FY2008.

The Boeing capital corporation division recorded revenues of $660 million in FY2009, a decreaseof 6.1% compared to FY2008.

The other division recorded revenues of $165 million in FY2009, a decrease of 70.9% compared toFY2008.

Revenue by geography

The US, Boeing's largest geographical market, accounted for 57.8% of the total revenues in FY2009.Revenues from the US reached $39,498 million in FY2009, an increase of 6.4% over FY2008.

China accounted for 7.2% of the total revenues in FY2009. Revenues from China reached $4,888million in FY2009, when compared to $2,404 million in FY2008.

Canada accounted for 0.7% of the total revenues in FY2009. Revenues from Canada reached $493million in FY2009, a decrease of 73.3% compared to FY2008.


Boeing Company,TheRevenue Analysis

Asia (other than China) accounted for 11% of the total revenues in FY2009. Revenues from Asia(other than China) reached $7,536 million in FY2009, a decrease of 4.8% compared to FY2008.

Europe accounted for 11% of the total revenues in FY2009. Revenues from Europe reached $7,516million in FY2009, an increase of 25.4% over FY2008.

Middle East accounted for 7.8% of the total revenues in FY2009. Revenues from Middle East reached$5,338 million in FY2009, when compared to $2,568 million in FY2008.

Oceania accounted for 2.1% of the total revenues in FY2009. Revenues from Oceania reached$1,447 million in FY2009, an increase of 46.3% over FY2008.

Latin America, Caribbean and other accounted for 1.4% of the total revenues in FY2009. Revenuesfrom Latin America, Caribbean and other reached $963 million in FY2009, a decrease of 41.8%compared to FY2008.

Africa accounted for 0.9% of the total revenues in FY2009. Revenues from Africa reached $602million in FY2009, an increase of 48.3% over FY2008.


Boeing Company,TheRevenue Analysis

SWOT ANALYSIS

The Boeing (Boeing) is engaged in the design, development, manufacturing, sale and support ofcommercial jetliners, military aircraft, satellites, missile defense and launch systems and services.Boeing focuses on acquisitions to expand its business and to earn more revenues. Therefore,acquisitions bring complementary technologies, support geographic expansion, and leverage existinginfrastructure for Boeing. However, intense competition across all business divisions of Boeing coulderode the market share of the company and could also affect its profit margins.

WeaknessesStrengths

High indebtedness and low credit ratingsRobust inorganic growthDeclining profits and marginsStrong focus on research and developmentSluggish performance of business divisionsRealignment for growth and expansion to

new markets

ThreatsOpportunities

Intense competition and pricing pressurePoised to benefit from strategic acquisitionof Argon Risks concerning labor issuesBoeing’s global outlook for aircraft demand H1N1 2009 influenza pandemicSurge in the US defense spending

Strengths

Robust inorganic growth

Boeing focuses on acquisitions to expand its business and to earn more revenues. In FY2009, thecompany acquired the business, assets and operations of Vought Aircraft Industries’ (Vought) 787business conducted at North Charleston, South Carolina.Vought’s 787 business produces fuselagesections, including the fabrication, assembly and systems installation, for the 787 program. Theacquisition of Vought strengthens Boeing’s 787 program and bolsters its capability to develop andproduce large composite structures.

During the same year, Boeing acquired eXMeritus, a Fairfax, Virginia based company that provideshardware and software to federal government and law enforcement organizations, for sharinginformation securely, across classified and unclassified networks and systems. The acquisition ofeXMeritus complements FY2008 acquisitions of Digital Receiver Technology, Ravenwing and KestrelEnterprises. These acquisitions are part of company's strategy to expand its presence in the cyberand intelligence markets.The addition of eXMeritus enhances Boeing capabilities developed throughyears of experience on secure networks for some of the most complex systems in national security.


Boeing Company,TheSWOT Analysis

In addition, during FY2009 Boeing acquired Alenia North America's half of Global Aeronautica, aSouth Carolina fuselage subassembly facility for Boeing's 787 Dreamliner. Alenia North America isa subsidiary of Italy's Alenia Aeronautica, a Finmeccanica company. This acquisition increasesproductivity for the 787 program and allows Boeing to maintain its long-term competitiveness.Therefore, acquisitions bring complementary technologies, support geographic expansion, andleverage existing infrastructure for Boeing.

Strong focus on research and development

Boeing has a strong focus on research and development (R&D) activities. Its 'other' business divisionprincipally includes the engineering, operations and technology (EO&T) activities. EO&T is anadvanced research and development organization focused on innovative technologies, improvedprocesses and the creation of new products. R&D expenditures involve experimentation, design,development and related test activities for defense systems, new and derivative jet aircrafts, includingboth commercial and military, advanced space and other company-sponsored product developments.

The company’s R&D investment amounted to $6,506 million, $3,768 million and $3,850 million inFY2009, FY2008 and FY2007, respectively. The Boeing military aircraft division continues to focuson R&D resources to leverage customer knowledge, technical expertise and system integration ofmanned and unmanned systems that provide innovative solutions to meet the warfighter’s enduringneeds. The network and space systems division of Boeing is investing in capabilities to enhanceconnectivity between existing and new air/ ground and maritime platforms; to increase communicationsavailability, utility and bandwidth through more robust space systems; and to leverage innovativenetworking and ISR concepts. Key programs in this area include BCTM, JTRS, Wideband GlobalSatellite System Ares, FAB-T and SBInet. Investments were also made to develop concepts andcapabilities related to cyber and security products, as well as the development of next-generationspace and intelligence systems.

The company’s global services and support (GS&S) continues to focus investment strategies on itscore businesses. Examples of successful programs stemming from these investment strategiesinclude the C-17 Globemaster Sustainment Partnership, the F/A-18 Integrated Readiness SupportTeaming program, the F-15 Singapore Performance-Based Logistics contract, and Smart GridProjects. Successful development of adaptable systems has allowed GS&S to transition from Boeingplatforms into the broader aviation market. Strong focus on R&D allows Boeing to develop proprietaryproducts, strengthen its product portfolio, and have an advantage over its competitors.

Realignment for growth and expansion to new markets

The company focuses on realignment, which is part of a continuing effort to successfully competein a rapidly evolving global defense and security marketplace. From January 2010, Boeing’s integrateddefense systems business unit began operating under the name Boeing defense, space and security(BDS). While BDS will retain its current operating divisions (Boeing military aircraft, network andspace systems, and global services and support), the realignment consolidates some businesses.Boeing consolidated two businesses in network and space systems division, the combat systems



business and the command, control and communications networks business.These businesses willbe unified as the new network and tactical systems business.

BDS operations principally involve research, development, production, modification and support ofglobal strike systems, global mobility systems, rotorcraft systems, airborne surveillance andreconnaissance aircraft, network and tactical systems, intelligence and security systems, missiledefense systems, and space and intelligence systems. Boeing anticipated flattening defense budgetsand shifting customer priorities for the past few years and has been taking aggressive steps toposition the company for profitable growth in a challenging economy. With this latest strategic move,the company extends its core programs even as it enhances its capabilities designed to capturebusiness in promising markets in the US and around the world.

BDS provides affordable solutions and brings value to customers through its ability to solve complexproblems utilizing expertise in large-scale systems integration, knowledge of legacy platforms, anddevelopment of common network-enabled solutions across all customers’ domains. Therefore,realignment positions Boeing for further growth in new and adjacent markets while continuing toserve existing defense and space customers.

Weaknesses

High indebtedness and low credit ratings

Boeing witnessed high indebtedness in FY2009. In FY2009, the company’s total debt increased by72% to reach $12,924 million compared to $7,512 million in FY2008. Boeing’s long term debtincreased by 75.7% in FY2009 over FY2008 to reach $12,217 million. Boeing’s debt serviceobligations with respect to its indebtedness could have an adverse impact on earnings, cash flows,and financial position for as long as the indebtedness is outstanding.

In addition, the company’s borrowing costs can be affected by short and long-term debt ratingsassigned by independent rating agencies. In April 2009, Fitch Ratings affirmed Boeing’s and BoeingCapital’s A+ credit rating but changed its outlook from stable to negative. In July 2009, Standard &Poor’s lowered Boeing’s and Boeing Capital’s long-term ratings from A+ to A. Later in October 2009,Moody’s affirmed Boeing’s and Boeing Capital’s A2 and P-1 ratings, but changed its outlook fromneutral to negative.

Any future long-term borrowings or the extension or replacement of the company’s short-termborrowing facilities will reflect the negative impact of this rating. This in turn increases the borrowingcosts, limiting Boeing’s financing options. Additional reductions in the company’s credit ratings couldfurther increase its borrowing costs and reduce its borrowing flexibility in the future. Such limitationson Boeing’s financing options may affect its ability to fund major new acquisitions or capital-intensiveinternal initiatives.

Declining profits and margins



Boeing has witnessed decline in its operating and net profits since FY2007.The company’s operatingprofit decreased from $5,830 million in FY2007 to $3,950 million in FY2008 and further decreasedto $2,096 million in FY2009. Similarly, the operating margin of the company declined from 8.8% inFY2007 to 6.5% in FY2008 and further declined to 3.1% in FY2009. In addition, the net profitdecreased from $4,074 million in FY2007 to $2,672 million in FY2007 and further decreased to$1,312 million in FY2009. Further, the net profit margin of the company declined from 6.1% in FY2007to 4.4% in FY2008 and later to 1.9% in FY2009. Declining profits and margins implies inefficientcost management by the management, which can adversely affect the long term financial positionof Boeing.

Sluggish performance of business divisions

Boeing has witnessed a decline in its sales in network and space systems, Boeing Capital Corporationand other business divisions. The network and space systems division witnessed 4.1% decline inits sales in FY2009 compared to FY2008. The decline in its sales was due to lower volume on theground-based midcourse defense, intelligence and security systems, and proprietary programs.Similarly, Boeing Capital Corporation also witnessed 6.1% decline in its sales in FY2009 comparedto FY2008.The decline in its sales was due to lower operating lease income.This was due to smallerportfolio of equipment under operating leases, as a result of aircraft returns and asset dispositions.In addition, the other business division witnessed 70.9% decline in its sales during the same period,as a result of the sale of three C-17 aircraft in FY2008 held under operating lease.Therefore, sluggishperformance of few business divisions pressurizes the other profit making divisions of Boeing, whichin turn affects the profitability of the company.

Opportunities

Poised to benefit from strategic acquisition of Argon

Boeing has been expanding its portfolio of products and strengthening its position in the industry byacquiring assets or organizations. In June 2010, Boeing and Argon entered into an agreement forBoeing's acquisition of Argon in an all cash tender offer and merger for $34.5 per share, orapproximately $775 million, net of cash acquired. Argon is a leading developer of command, control,communications, computers, intelligence, surveillance, and reconnaissance; and combat systems.The transaction is expected to close by the end of the third quarter 2010. Once acquired, Argon willbe a stand-alone subsidiary of Boeing and a new division of Boeing network and space systems.The agreement to acquire Argon advances Boeing's growth strategy and expands the company'scapabilities to address the C4ISR, cyber and intelligence markets.

Boeing’s global outlook for aircraft demand

Air transport throughout the world is constantly changing in response to market opportunities andchallenges. The rise of new airline business models and rapid growth of air travel in the world'semerging economies are stabilizing worldwide demand for airplanes. The emerging markets are



driving economic expansion, with China leading the way at 7.2% GDP growth, followed by SouthwestAsia (6.1%), Africa (4.9%), Southeast Asia (4.6%) and Asia-Pacific (4.4%). The global GDP is at3.1% and North America is at 2.1%. All this translates into world average air travel growth of 4.9%,of which Asia-Pacific, including China, will experience growth in air travel of 6.9%. At a global level,the number of airplanes in the world fleet grows at an average 3.2% each year. At the same time,passenger traffic, measured in revenue passenger-kilometers, grows 4.9% per year and cargo traffic,measured in revenue tonne-kilometers, grows 5.4% a year.

According to Boeings’ Current Market Outlook for the period 2009-28, the demand for new airplanesworldwide is expected to be 29,000, over the next two decades, of which 2,100 will be regional jets,19,460 will single-aisles, 6,700 will be twin-aisle and 740 will be large. All of this translates intorevenues of $3.2 trillion over a score of years, for an average of $160 billion/annum. Boeing is wellpositioned both geographically and technically to service the huge aircraft market in the future. Thegrowing demand for aircraft represents an opportunity for Boeing to capitalize on this market andwould be able to expand its revenues and profits from this market.

Surge in the US defense spending

The economic crisis would not dampen the US defense spending. Defense spending is a long-termrecession-proof industry which would not be affected by cyclical downturns and upturns. The 2011US budget allocates $708.2 billion to the Department of Defense (DoD). The US Federal Budget forFY2011, is a spending request by President Barack Obama, to fund defense operations from October2010 to September 2011.The 2011 Budget for DOD provides $548.9 billion for the DoD base budgetin 2011, a 3.4% increase over the 2010 enacted level.This funding increase allows DOD to addressits highest priorities, such as the President's commitment to reform defense acquisition, develop aballistic missile defense system that addresses modern threats, and continue to provide high qualityhealth care to wounded servicemembers. In addition, the 2011 Budget provides $159.3 billion forDoD’s ongoing overseas contingency operations in Iraq, Afghanistan, and Pakistan. A supplementalfunding request of $33.0 billion for 2010 addresses immediate funding requirements for thesemissions. Boeing’s primary customer is the US DoD with approximately 80% of Boeing defense,space and security’s 2009 revenues being derived from this customer. Therefore, a surge in the USdefense spending could provide the topline growth for the company in the short to medium term.

Threats

Intense competition and pricing pressure

The commercial jet aircraft market and the airline industry remain extremely competitive.The companyfaces aggressive international competitors, including Airbus, who are intent on increasing their marketshare. Boeing Defense, Space and Security (BDS) business also faces strong competition in allmarket segments, primarily from Lockheed Martin, Northrop Grumman, Raytheon Company andGeneral Dynamics. Non-US companies such as BAE Systems and European Aeronautic Defenceand Space Company (EADS), the parent of Airbus, continue to pursue a strategic presence in the



US market by strengthening their North American operations and partnering with US defensecompanies.

International competitors who are intent on increasing their market share, offer competitive productsand have access to most of the same customers and suppliers. Airbus has historically investedheavily to create a range of products to compete with Boeing. Regional jet makers Embraer andBombardier continue to develop larger and more capable airplanes. Additionally, other competitorsfrom Russia, China and Japan are likely to enter the 70 to 190 seat aircraft market over the next fewyears.

In addition, certain of Boeing’s competitors have occasionally formed teams with other competitorsto address specific customer requirements. BDS expects the trend of strong competition to continueinto 2010 with many international firms pursuing announced intentions of increasing their US presence.Furthermore, market liberalization in Europe and Asia has enabled low-cost airlines to continuegaining market share.These airlines have increased the downward pressure on airfares.This resultsin continued cost pressures for all airlines and price pressure on Boeing’s products. This marketenvironment has resulted in intense pressures on pricing and other competitive factors and Boeingexpects these pressures to continue or intensify in the coming years.Therefore, intense competitionacross all business divisions of Boeing could erode the market share of the company and could alsoaffect its profit margins.

Risks concerning labor issues

Boeing faces risk concerning labor issues at its plants. Approximately 57,000 employees, whichconstitute approximately 36% of the company’s total workforce, are union represented as of December31, 2009. Boeing experiences work stoppages from time to time due to worker strikes.The companyexperienced a work stoppage in 2008 when a labor strike delayed commercial aircraft and certainBMA program production. Also in May 2010, 1,700 Boeing workers who assemble giant C-17 cargojets in Long Beach, California were on strike for a month over pension and medical benefits.

As a result, the C-17 production line was shut down indefinitely, although 3,000 non-union workerswere on the job. The work stoppage was tough at a plant where workers were accustomed to rollinga new C-17 onto the tarmac every three weeks. The strike was halted in June 2010, as Boeingoffered to pay a $4,000 payout and a 3.4% over the life of the agreement. It also offered an increasein the basic pension benefit to $79 per month for each year of service, from $70. Boeing mayexperience additional work stoppages in the future, which could adversely affect its business. Thecompany cannot predict how stable its relationships will be with 14 different US labor organizationsand 7 different non-US labor organizations. Union actions at suppliers can also affect the company.Work stoppages and instability in the company’s union relationships could delay the production anddevelopment of its products, which could strain relationships with customers and cause a loss ofrevenues.

H1N1 2009 influenza pandemic



The 2009 flu pandemic is a global outbreak of influenza A virus, subtype H1N1, referred to as the‘swine flu’. In early June 2009, the virus has spread globally. As of March 2010, almost all countrieshad reported cases, and more than 17,700 deaths among laboratory-confirmed cases had beenreported to the World Health Organization (WHO). The number of laboratory-confirmed casessignificantly underestimates the pandemic's impact. In the US, an estimated 59 million illnesses,265,000 hospitalizations, and 12,000 deaths had been caused by the 2009 H1N1 virus as ofmid-February 2010.

Although pandemic influenza virus continues to be the predominant circulating influenza virusworldwide, circulation of seasonal influenza B viruses continue to increase and spread across Asia,parts of Eastern Europe, and Eastern Africa. In South and Southeast Asia, pandemic influenza viruscirculation persists in most countries. The passenger trips worldwide have been affected by theoutbreak of swine flu, which in turn affected the sales of airline industry. Full-year 2009 demandstatistics for international scheduled air traffic showed the industry ended 2009 with the largest everpost-war decline. Passenger demand in 2009 was down 3.5%. Boeing is heavily dependent oncommercial airline customers, to generate revenues.The company generates 49.7% of total revenuesfrom commercial airlines division. In response to events such as H1N1, and the resulting negativeimpact on the airline industry or particular airlines, Boeing may suffer from a decline in demand forall or certain types of its aircraft.



TOP COMPETITORS

The following companies are the major competitors of Boeing Company, The

BAE Systems PlcLockheed Martin CorporationNorthrop Grumman CorporationRaytheon CompanyEADSAirbus S.A.S.General Dynamics Corporation


Boeing Company,TheTop Competitors

COMPANY VIEW

A statement by W. James McNerney, Chairman President, and Chief Executive Officer of The BoeingCompany is given below. The statement has been taken from the company’s 2009 annual report.

In the end, it was a year of notable achievement, culminating with the historic first flight of thebreakthrough 787 Dreamliner. Through the tireless determination of employees who proudly serveour customers every day, I believe we’ve turned momentum in our favor for addressing the challengesthat still lie ahead.

2009 Review

During the year, we confronted unprecedented market environments. The global recession andrecord-setting declines in passenger and cargo air traffic drove Boeing Commercial Airplanes ordersdown, softened its services revenues and slowed wide-body airplane production rates. BoeingDefense, Space & Security (formerly Integrated Defense Systems) was challenged by the changingpriorities of the U.S. Department of Defense and other agencies as they addressed their own budgetpressures; we felt the impact most in our Army modernization and missile defense programs.

Despite these stresses, and notwithstanding our development-program challenges, our core operatingperformance was strong:

– We booked record revenues; retained a large, diverse total backlog (which stood at $316 billionat year end); and maintained strong liquidity and cash flows.

– Our services businesses and the vast majority of our production programs — including the 737,777 and our portfolio of military aircraft — generated solid profit margins.

– We delivered 481 commercial airplanes — including the most-ever 737s and 777s in a given year— along with 121 military aircraft and six satellites.

– Boeing Capital, our financing arm, successfully engaged third-party financiers to support ourcustomers’ deliveries, while generating solid pre-tax earnings, reducing its portfolio and returningcash dividends to the company.

We made important progress on several development programs — in delivering the first 777 freighters,winning full-rate production approval for the EA-18G electronic-warfare aircraft, flying the first737-based P-8A maritime patrol aircraft and performing well on the Brigade Combat TeamModernization program (formerly Future Combat Systems). However, a reclassification of costs onthe 787 program and higher costs on the 747-8 (due in part to difficult market conditions) significantlyaffected our overall financial results. By year’s end, however, our team had made substantial progresson these programs, too. Both airplanes are now in flight testing and are steadily reducing risk asthey move through the certification process.


Boeing Company,TheCompany View

Preparing for an Eventual Rebound

With two tough years behind us, and our financial strength and competitive strategies intact, weenter 2010 with growing confidence about the future.Yet we are acutely aware that this is no timefor complacency. We must execute exceptionally well, support our customers better every day andpreserve our financial position in a tenuous economy. Our basic challenge is to balance the financialwith the strategic; it is to produce the short-term results that will enable us to pursue long-term growthobjectives.

Although the global economy shows signs of improvement, we believe it will take some time foreconomic indicators to rebound significantly. Fortunately, our discipline in setting commercial airplaneproduction rates and diversifying our customer base during the recent up-cycle is paying off. Weended 2009 with Commercial Airplanes’ backlog holding strong at more than 3,300 firm orders valuedat $250 billion. We believe the strength of this backlog is sufficient to keep our production lines fulluntil an expected recovery in order activity in 2012. The commercial airplane market remains asubstantial long-term growth opportunity, and we are strongly positioned for the eventual rebound.

At the same time, we anticipate a continued flattening and reprioritization of U.S. defense budgets,given the size of the federal deficit and spending increases in other areas. Defense markets outsidethe U.S. are expanding, however, as more countries are making market- and technology-baseddecisions on defense and security products. That has created huge opportunities for Boeing.International sales have grown from just 7 percent of total defense revenues in 2004 to 15 percentin 2009. Over the next five years, we expect international sales to increase to as much as a quarterof defense and security revenues. Given these market conditions and our commitments to ourcustomers, we have set clear priorities for 2010 and beyond:

Deliver on Our Development Programs

Our top priority is to deliver on the incredible promise of our major development programs, startingwith the 787 Dreamliner, which accounts for nearly 40 percent of our contracted backlog.

Made mostly with composites rather than metals, the 787 is the most important new airplane sincethe Boeing 707 at the dawn of the Jet Age, half a century ago. The Boeing 787 marks a majoradvance in fuel efficiency. It will soon become known as the world’s most comfortable passengerjet — with the lightest environmental footprint in its class. It will connect scores of new city-pairsaround the globe and change the way airplanes are made through the rest of this century.

While we have clearly experienced unforeseen difficulties in this program, including last year’sdelayed first flight, the 787 remains the best-selling new airplane in history, with approximately 850orders from 56 customers around the world.

The innovation brought to life in the 787 should separate us from our competitors for many years tocome — and in ways that reach beyond the 787 itself. We already have applied key elements ofthat innovation to the 747-8, which entered flight testing in February 2010. With 108 total orders onthe books, including 76 for the freighter version and a second major passenger-airline order secured



at the end of 2009, the outlook for this airplane and its unmatched efficiency remains solid despitetemporary weakness in the demand for very large airplanes.

As testing of both airplanes continues, their production ramp-ups are also progressing. We plan todeliver our first 787 and 747-8 Freighter late this year, and our first passenger variant of the 747-8in the fourth quarter of 2011.

Even as our Commercial Airplanes production programs continue to perform well, improving ourperformance on development programs remains an intense focus. We have incorporated lessonslearned from our setbacks and are strengthening ourselves where we need to do so — particularlyin our program management and engineering organizations, processes and leadership.

We have also taken steps to reduce risk in our supply chain. We have brought certain work backinside Boeing, and we have increased visibility and coordination across all suppliers with newinformation technology tools. Through the purchase of Vought and Global Aeronautica facilities inNorth Charleston, South Carolina, and the establishment of a 787 final assembly facility there, wewill also improve our long-term competitiveness and reduce the risk of production interruptions forour customers.

Accelerate the Repositioning of Our Defense Business

No other company possesses a more complete range of technical capabilities in defense, spaceand security than Boeing.

Over the years, this side of our business has consistently delivered strong operating performanceand had great success in capturing new and follow-on contracts. Through a series of acquisitionsover the past two years, we have been reshaping our capabilities in anticipation of shifting customerneeds.

Our focus here is three-fold: extend our existing lines of business, capture a healthy share ofinternational defense and services opportunities and move aggressively into high-growth adjacencies(both civilian and government) with investments in cyber-security, intelligence and surveillance,unmanned systems, logistics command and control, energy solutions and infrastructure services.

In 2009, we made progress on all three fronts. We added either U.S. or international orders forseveral existing programs, including the C-17, F/A-18 and Chinook, as well as 27 major servicesand support contracts. We also had key unmanned systems and cyber-security wins and won threeSmart Grid demonstration awards from the U.S. Department of Energy, where we will endeavor toapply our capability in large-scale systems integration to the creation of a more efficient,environmentally progressive and secure power-distribution system. And we became the sole finalistas delivery partner for the United Kingdom’s Future Logistic Information Systems program.

Expand Our International Advantage



Our international relationships, reputation and experience are among this company’s strongestcompetitive advantages. And our opportunity is large and growing: More than 80 percent of ourcurrent Commercial Airplanes backlog will go to international customers, and a big percentage offuture growth in Defense, Space & Security will come from international markets. So we must continueto address market opportunities as one company — with a global team that broadens and deepensour relationships with customers, governments, nongovernmental organizations, technology centers,industry partners and communities. This approach resulted in recent multi-billion-dollar defensesales to Australia, India, Japan, the Republic of Korea, Qatar, Saudi Arabia, the United Arab Emiratesand the United Kingdom. But we’ve only scratched the surface of how much we can achieve as wecompete for new business in 2010 and beyond.

Grow Our Services Businesses

In 2009, our services businesses accounted for more than $13 billion of revenue. Defense servicesearned double-digit margins and grew its top line 18 percent. Commercial services also maintaineddouble-digit margins even as it experienced marketplace realities that brought its revenue down 6percent. Meanwhile, both services businesses have been improving customer satisfaction andreducing costs by sharing infrastructure, logistics, training and technology in key areas. Both alsohave worked together to integrate acquisitions that are making meaningful financial contributions ina difficult market while sowing seeds of growth that will flourish when today’s struggling commercialmarkets revive.

Drive Innovation Through Focused R&D

We have made excellent progress in aligning our technology investments with our overall businessstrategies and managing them centrally. In 2009, our enterprise technology team found hundredsof millions of dollars in synergies that will allow us to spend once, reap multiple benefits and generategreater impact from the company’s substantial investment in research and development.

Last year we also strengthened the role of Boeing Research & Technology, our central researcharm, and consolidated our multiple test-and-evaluation teams into a single companywide organization— Boeing Test & Evaluation, which is responsible for all of our flight and laboratory testing.

This consolidation and alignment allows us to eliminate redundancies while expanding capabilitiesto speed new products to market.

Maintain Our Financial Strength

In 2009, employee teams across the company rose to the challenge of improving productivity throughLean+ and our other growth-and-productivity initiatives. That focus, along with disciplined cashmanagement, helped Boeing generate $5.6 billion of operating cash flow while at the same timeenabling significant investments in programs (such as the 787 and 747-8) that will grow our businessin the years ahead. We also issued $5 billion of corporate debt at very attractive rates.



In starting 2010 with more than $11 billion of cash and marketable securities, Boeing has sufficientliquidity to continue investing in our development efforts and growth strategies — while navigatingongoing market uncertainties. And we have renewed our commitment to manage our finances justas tightly this year as we did last.

Empower a New Generation of Leaders

I believe we have the best overall team in the industry. But our goal is to develop an even betterteam for the future. So we have proactively moved promising leaders into key positions based onhow well they perform their jobs, develop their own teams, act with integrity and model the company’sLeadership Attributes (chart the course, set high expectations, inspire others, find a way, live theBoeing values and deliver results). We will continue to develop and promote leaders on this basis,stretching ourselves to make Boeing a better company with each passing day.

Corporate Citizenship

Boeing and its people continue to make steady progress in protecting the environment and helpingto meet vital needs in communities all around the world.

We remain on track to achieve aggressive five-year targets for 25-percent improvements ingreenhouse-gas emissions intensity, energy efficiency, recycling rates and hazardous waste at ourmajor manufacturing facilities.

Our team also showed tremendous generosity of spirit throughout the global recession. In total,Boeing, its employees and The Boeing Company Charitable Trust contributed more than $142 million— and employees also volunteered many hours of their time and expertise — to help improve livesand communities worldwide in 2009.

In Closing

These are challenging times for most businesses.They are challenging for us.The people of Boeinghave been tested. And we have pulled together. I believe the actions we are taking today will makethis company even more competitive for decades to come. We are energized, focused on sharedobjectives and ready to take advantage of the tremendous opportunities that call out for this company’sunique strengths. I am honored to lead the Boeing team as we strive to make this the strongest,best and best integrated aerospace-based company in the world — for today and tomorrow.



LOCATIONS AND SUBSIDIARIESHead Office

Boeing Company, The100 North Riverside PlazaChicagoIllinois 60606 1596USAP:1 312 544 2000http://www.boeing.com

Other Locations and Subsidiaries

Boeing Canada Operations LimitedBoeing Australia99 Murray Park RoadLevel 10WinnipegExchange HouseManitoba10 Bridge StR3J 3M6SydneyCANNew South Wales 2000

AUS

Boeing Aerostructures Australia Pty LimitedBoeing International Corporation India PvtLtd 226 Lorimer St3rd Floor Port Melbourne VIC 3207DLF Centre AUSSansad MargNew Delhi 110001IND

Boeing International CorporationBoeing FranceLenne strabe 975 rue du Faubourg Saint - Honore10785 Berlin75008 ParisDEUFRA

Boeing International Corporation, IsraelBoeing International Corporation4 Berkowitz StreetPiazza SallustioTel Aviv24 00187 RomeIsrael 64238ITAISR


Boeing Company,TheLocations and Subsidiaries

Boeing UK Ltd.Boeing (China) Investment Co., Ltd.25 Victoria StreetGong Ti North RoadLondon SW1H 0EXChaoyang DistrictGBRBeijing No. 2 A 16-storey Tower A

Pacific Century 100027CHN


Boeing Company,TheLocations and Subsidiaries

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