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Afonso Osorio, CFA+44 (0)20 3134 7016Barclays, UKMilene Kerner is the Head of the European Aerospace &Defence equity research team. Milene joined Barclays inJuly 2019. Prior to Barclays, Milene was an A&D analyst atDeutsche Bank for over nine years and Kepler for over fouryears. She holds a Masters in Finance from NEOMABusiness School.View Analyst PageAfonso Osorio is an equity research analyst at Barclays,covering the European Business Services sector. He joinedBarclays in 2022, having previously worked as anindustrials research analyst at Peel Hunt. Afonso earned aBSc degree in Economics and a MSc degree in Finance. Heis also a CFA Charterholder.View Analyst PageDavid Strauss joined Barclays in December 2017 and iscurrently a Managing Director and Senior Research Analystcovering the U.S. Aerospace and Defense industry. Davidjoined Barclays from UBS where he spent nearly 19 yearsas a Managing Director covering U.S. Aerospace andDefense and serving as U.S. Industrials Sector Head. Hehas been ranked by Institutional Investor for more thanten years. Prior to his career on Wall Street, David workedin corporate finance and tax at PricewaterhouseCoopers.He earned a BA in Economics from Georgetown Universityand an MBA from Carnegie Mellon University.View Analyst PageEuropean Aerospace & DefenceU.S. Aerospace & Defense Milene Kerner+33 (0)1 4458 4002BBI, Paris David Strauss+1 212 526 5580BCI, USThis event is intended for Barclays institutional investor clients only. This event is strictly and solelyfor the benefit of the intended recipients. Please do not forward this invitation to any other partywithout written consent from Barclays Research. Barclays' Investment Bankers are prohibited fromattending this event. Participant comments are not for attribution.If your firm is in-scope for research unbundling under MiFID II and you require further informationregarding pricing to participate in this Barclays Research content event, please contact your salesrepresentative.Barclays Events Terms of Service | Barclays Events Privacy NoticeDisclaimer:This communication has been prepared by Barclays.“Barclays” means any entity within the Barclays Group of companies, where “Barclays Group” meansBarclays Bank PLC, Barclays PLC and any of their subsidiaries,affiliates,ultimate holding companyand any subsidiaries oraffiliatesof such holding company.CONFLICTS OF INTERESTBARCLAYS IS A FULL SERVICE INVESTMENT BANK. In the normal course ofofferinginvestment bankingproducts and services to clients, Barclays may act in several capacities (including issuer, marketmaker and/or liquidity provider, underwriter, distributor, index sponsor, swap counterparty andcalculation agent) simultaneously with respect to a product, giving rise to potential conflicts ofinterest which may impact the performance of a product.BARCLAYS POSITIONSBarclays may at any time acquire, hold or dispose of long or short positions (including hedging andtrading positions) and trade or otherwiseeffecttransactions for their own account or the account oftheir customers in the products referred to herein which may impact the performance of a product.FOR INFORMATION ONLYTHIS DOCUMENT IS PROVIDED FOR INFORMATION PURPOSES ONLY AND IT IS SUBJECT TO CHANGE.This information has been prepared by the Research Department within the Investment Bank ofBarclays. The information, analytic tools, and/or models referenced herein (and any reports or resultsderived from their use) are intended for informational purposes only. Barclays has no obligation toupdate this information and may cease provision of this information at any time and without notice.Barclays is notofferingto sell or seekingoffersto buy any product or enter into any transaction. Anyofferor entry into any transaction requires Barclays’ subsequent formal agreement which will besubject to internal approvals and execution of binding transaction documents. The productsmentioned may not be eligible for sale in some states or countries, nor suitable for all types ofinvestors. Without limitation to the foregoing, any transaction may also be subject to review byBarclays Group against its published Tax Principles.NO LIABILITYNeither Barclays nor any of its directors,officers,employees, representatives or agents, accepts anyliability whatsoever for any direct, indirect or consequential losses (in contract, tort or otherwise)arising from the use of this communication or its contents or reliance on the information containedherein, except to the extent this would be prohibited by law or regulation.NO ADVICEBarclays is not acting as a fiduciary. Barclays does not provide, and has not provided, any investmentadvice or personal recommendation to you in relation to any transaction and/or any related securitiesdescribed herein and is not responsible for providing or arranging for the provision of any generalfinancial, strategic or specialist advice, including legal, regulatory, accounting, model auditing ortaxation advice or services or a