Bombardier Report: Leading The Way

economic market drivers

The Morgan Stanley Capital International (MSCI) index is an aggregate stock market index, based on representative securities listed in major fnancial centres around the world. By its nature,

the MSCI index is a good estimate of wealth creation. As displayed in the following chart, world business jet orders have been highly correlated with the MSCI World index over the past 10 years.

Wealth Creation

Worldwide demand for business jets is highly correlated with wealth creation which, in turn, is largely driven by economic growth.

World Business Jet Orders and the MSCI World Index Orders (units), MSCI value, calendar years, 1999-2008

2,500

2,000

2,000

1,500

1,500

1,000

1,000

MSCI World Index

Business Jet Orders

500

500

0

0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Rest of the World Orders U.S. Orderrs

Europe Orders MSCI World Index

Sources: Orders estimated from competitive intelligence, OEM guidance. Excludes Very Light Jet segment, ACJ & BBJ. MSCI World Index from MSCI-Barra.

Bombardier Business Aircraft Market Forecast 2009 - 2018

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