航空航天与国防领域须知：美国出口、空客交付、普惠、北约、31型护卫舰

Chloe Lemarie, CFA * | Equity Analyst+33 1 8665 6326 | clemarie@jefferies.comBen Brown ^ | Equity Associate+44 (0) 20 7548 5070 | ben.brown@jefferies.com Babcock announced on Tuesday that the first Type 31 frigate, HMS Venturer, has now emergedfrom the assembly hall, and is said to be ready for float off "in the coming weeks".Float-off represents a key de-risking milestone for the program, and will be followed by further outfittingand systems integration. The finalization of the systems integration will be the final derisking milestonefor the program and should help close some of the valuation gap to key peerBAE Systems (Hold).Unless specified, no company has commented on the press reports mentioned.Please see important disclosure information on pages 3 - 8 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company Valuation/RisksFor Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300.Analyst Certification:I, Chloe Lemarie, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Ben Brown, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.Registration of non-US analysts:Chloe Lemarie, CFA is employed by Jefferies GmbH, a non-US affiliate of Jefferies LLC and is not registered/qualified as aresearch analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subject to theFINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.Registration of non-US analysts:Ben Brown is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified asa research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subject tothe FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresJefferies International Limited is acting as financial advisor to Airbus on its definitive agreement to acquire certain industrial assets from Spirit Aerosystems Inc.Jefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of BAE Systems PLC.Jefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of Babcock International.Jefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of Rolls-Royce Holdings Plc.Jefferies Financial Group Inc., its affiliates or subsidiaries expect to receive or intend to seek compensation for investment banking services from Airbus GroupNV within the next three months.Within the past twelve months, Airbus Group NV has been a client of Jefferies Financial Group Inc., its affiliates or subsidiaries and investment banking servicesare being or have been provided.Jefferies International Ltd, its affiliates or subsidiaries has, or had, within the past 12 months an agreement to provide investment services to Airbus Group NV.Jefferies Financial Group Inc., its affiliates or subsidiaries expect to receive or intend to seek compensation for investment banking services from BabcockInternational within the next three months.Within the past 12 months, Jefferies Financial Group Inc., its affiliates or subsidiaries has received compensation from investment banking services fromBabcock International.Within the past twelve months, Babcock International has been a client of Jefferies Financial Group Inc., its affiliates or subsid