mtu company presentation 2019 august sept · 078 $hur (qjlqhv $* 7kh lqirupdwlrq frqwdlqhg khuhlq...

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December 2019 – Investor Relations

MTU Aero Engines AG – Company Presentation

© MTU Aero Engines AG. The information contained herein is proprietary to the MTU Aero Engines group companies.

Contents

1. Company Overview & Market Environment

2. Commercial OEM Business

3. Military OEM Business

4. Commercial MRO Business

5. Technology Roadmap

6. Financials & Outlook

7. Digitization @ MTU

8. Corporate Responsibility

9. Appendix

2Dec 2019 Company Presentation - MTU Aero Engines AG


Contents









9. Appendix



Encouraging market environment for the aerospace industry

Market Indicator 2018 2019 F

Passenger Traffic +6.5% +4.5% … normalizing at historical levels

Airline Profits $30 bn $28bn … remain on a healthy level

Crude Oil (Brent) $71 $70 Oil price in a range between $60 and $70

Airliner Deliveries ~1,600 t.b.d.Originally 10% growth expected, but uncertainty due to aircraft grounding

Airliner Orderbook 13,900 stable… stable on a historically high level, represents 8 years of production

Airliner Engine Fleet 49,900 +4% Fleet up to meet traffic growth

Dec 2019 Company Presentation - MTU Aero Engines AG 4


5

Overview of aero engine industry playersMTU is an essential partner in the engine value chain

Aero Engine Industry Characteristics

• Industry players are specialized in different modules/technologies

• Oligopolistic structure of market

High barriers to entry

• High technology expertise required

• Substantial up front investment(R&D, Concessions) required

• Long term contracts

• Structurally captive spare parts business

• Certification requirements and regulatoryapprovals

Materialsuppliers

Engine component

suppliers

Engine sub-system

(module) providers

OEMs

*former Volvo Aero

Dec 2019 Company Presentation - MTU Aero Engines AG


• Revenues: € 2.8 billion (58 %)**

• Services: maintenance, leasing and asset management

• Exposure to highest growth engines(V2500, CFM56, CF34, GE90)

• Global network

• Direct customer business, partner of OEMs and airlines

• More than 1,400 customers, including over 200 airlines


• European and U.S. engine programs

• Full system capability

• R&D is typically customer financed

• Leading partner of the German Armed Forces

• Service packages precisely tailored to the requirements of military partners


• Decades of partnerships with OEMs

• Balanced product portfolio in all thrust categories

• Order volume secures business into the next decade

• Partnerships with OEMs increasingly include maintenance

• Approx. 30% of active aircraft withMTU participation

MTU is built on three pillarsPartners and customers appreciate MTU’s excellence

*) MRO = Maintenance, Repair and Overhaul**) Basis: Fiscal 2018

Commercial OEM business Military OEM business Commercial MRO business*

OEM

Revenues€ 2.0 billion**

EBIT adj margin** 21.2%

MRO


EBIT adj margin**8.6%

6

MTU Group


EBIT adj margin** 14.7%



7

The MTU share is an attractive investment

1

2

3

4

6

Aviation industry is an attractive growth market with a strong order book

MTU’s biggest investment phase is completed

Long term outlook with focus on cash flow improvement and dividend increase

MTU is a pure aero engine player and very well positioned in all market segments

15 years reliability in the financial market with high quality guidance since IPO

5 Excellent technological position with clear focus on eco-efficient engines

Company Presentation - MTU Aero Engines AG

Key investment highlights

Dec 2019


Contents









9. Appendix



A balanced portfolio and products in all thrust categories ensure MTU’s long-term success

9

PW1000G-familyA320neo, E2-Jet,

A220, MC-21, MRJ

GP7000A380

GEnx787, 747-8

Cu

mu

late

d c

ash

flo

w

40

+

-

Calendar years after market launch

Entry into service

GE9X777X

V2500A320, MD-90,

KC-390

PW2000, PW4000

757, C-17, 777

CF6-80, LM6000747, 767, IGT,

A300, A310, A330

0

ProductionTechnology R&D Aftermarket

Production

PW800G500, G600,Falcon 6X

PW300, PW500Latitude, Sovereign, Citation,

Learjet, G200, Bravo,Falcon 7X

Return on investment periods in the commercial OEM business

Company Presentation - MTU Aero Engines AGDec 2019


0

20

40

60

80

100

120

140

2018 2020 2022 2024 2026 2028

MTU’s continuing growth is supported by all market segments

CAGR 2018 - 2028

Total market mid single digit

CAGR Aircraft Segment

Mid single digit Widebody (50-120 klb)

Mid single digit Narrowbody (20-50 klb)

High single digit Regional jet (13-24 klb)

High single digit Business jet (3-16 klb)

10

OEM market volume ($bn)

GEnx, GE9X

GTF, V2500

GTF, PW800

MTU projects outperformance of market growth in 3 out of 4 segments



In the commercial OEM business, 30 % of today’s aircraft have MTU technology on board and MTU is growing faster than the market as a whole

Business jets

Revenues will triple in 10 years

Regional jets

Market share will increasefrom

0 % to 90 %

Narrowbodies

Excellent market position

will further improve

Widebodies

New market segments have opened up

11

PW800PW300/500

GEnx, GE9xGP7000

CF6-80, PW2000

V2500PW1100G-JM

PW1500GPW1700G/1900G

PW1200G

Company Presentation - MTU Aero Engines AGDec 2019


Business jet marketMTU will triple its revenues in the highly profitable business jet market over the next 10 years

• Installed base of more than 7,600 engines

• 10 business jet applications in operation

• Successful market introduction of Cessna Latitude

PW300 / PW500

• Program share of 15%

• Exclusive engine for future Gulfstreams and future Dassault Business Jet

• MTU is responsible for the LPT, the first four stages of the HPC and will participate in the MRO

• EIS in 2018 (G500), 2019 (G600) and EIS expected for 2022 (Dassault)

PW800

Regional jets Narrowbodies WidebodiesBusiness jets



Regional jet marketMTU will increase its market share in the regional jet market from 0 % to 90 %


• Exclusive engine for Mitsubishi SpaceJet withseats up to 92 passengers

• First flight in Nov 2015

• EIS expected in 2021

PW1200G


• Exclusive engine for the A220

• A220 gained order momentum since Airbus stepped in

• EIS in July 2016 with launch customer Swiss International Airlines

PW1500G PW1700G/1900G


• Program share of 15-17%

• Exlusive engine for Embraer‘s 2nd Gen E-jets

• Embraer is current market leader with large customer base

• First flight of E190-E2 with PW1900G in May 2016

• EIS in 2018



Narrowbody marketIn the short- and medium-haul business, MTU has expanded its market share and risk-and-revenue partnerships

• ~ 6,500 engines flying

• Strong growth of spare parts sales until mid of next decade

• #1 MRO provider - capability in 3 locations

• Market share in NB segment ~24%

• Program share increase in 2012 from 11% to 16%

V2500

• Strong order book

• 16% improved fuel efficiency

• Designed for lower maintenance cost

• Increase in market share in NB segment (~30%)


• EIS 2016

PW1100G-JM




Widebody marketIn the long-haul business, MTU is a partner of Pratt & Whitney and the center of excellence for GE Aviation's turbine center frame

• Market share of ~ 50% on the A380

• EIS in 2008

GP7000

• Market share ~ 70% on 787, exclusive on 747-8

• In production since 2011

• Market expectation of 4,400 engines

• MTU is partner of the GE-MRO network

• Exp. MRO revenue 3 bn€

GEnx

• Revenue potential 4 bn€

• Entry into service expected in 2020

• Exclusive engine for Boeing 777X

• MTU will be partner of GE-MRO network

GE9X




16

Deliveries per year of all OEM programs

OEM production is continuously ramping-up with additional demands in various programs

2009 2018 2020 2023

Turbine

Compressors

Turbine Center Frames

Engine Assembly



An optimized make and buy ratio will enable total production volume to double over the next five years at competitive prices

MTU Aero Engines, Munich

High-tech

• Complex components and production processes

• High degree of automation

• Development of new technologies for production

Mid-tech, Best-cost Raw materials, Mid-Low Tech

MTU Aero Engines Polska

• Adaptation of standard components and production lines

• Expansion of production of “mid-tech” components and production processes

• Expansion of module assembly with know-how from the automotive industry

Suppliers

• Raw material

• Second source for components

• Low-tech components from best-cost countries

• Double-sourcing for all important key-components



Contents









9. Appendix



MTU is well positioned in the international military aircraft market

Fighter Transport Helicopter

• 140 Eurofighters and 85 Tornados in service in Germany

• Eurofighter with attractive export potential

• Increasing aftermarket for EJ200

• Germany phase out of Tornado from 2025 onwards

• 170 A400M ordered, thereof 84delivered

• A400M well positioned for export

• Potential cooperation between Boeing and Embraer on KC-390 (equipped with V2500) could strengthen order activity

• 181 Eurocopter Tiger delivered

• CH53-K entry into service 2020/21 and excellent positioned for export



Fighter,trainer Eurofighter

EJ200

TransportA400MTP400

C390V2500

HelicopterCH-53K

T408

203020252020 20402017

FCASEurofighter

Upgrade, Tranche 1 replacement

ExportEurofighterMiddle East

A400MExport potential

CH-53KExport potential

Overview about military engine programs and business outlook

20Dec 2019Nov/Dec 2019 Company Presentation - MTU Aero Engines AG



MTU participates in the Next Generation Fighter

Highlights

• Successor for Eurofighter / Rafale

• First prototype expected by ~2031

• Entry into service expected by ~2040

• Roughly 1,100 engines (incl. spares) expected

• Joint collaboration with Safran announced in Feb. 2019

• MTU as German engine partner

• Clear division of responsibilities

• Achievement of 50% workshare with focus on MTU key competencies

• MoU signed between France and Germany for 2nd phase of concept study

• Customer financed development

MTU and Safran join forces to develop the Next European Fighter Engine (NEFE)

21


Contents







7. Digitization@MTU


9. Appendix



MTU is one of the world’s leading MRO service providers with strong growth rates

23

Source: MTU, escalated

Commercial MRO market (in bn$)

Independent OEM-MRO cooperationNo access as of today

0

10

20

30

40

50

60

70

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

CAGR 2019-29

Total market High single digit

CAGR Market Approach Portfolio

Mid single digit

No access today -

Mid to high

single digit

Independentor airline cooperation

CF34, CFM56CF6-80C, GE90G

PW2000, V2500, LEAP

Low to mid teens

OEM cooperationV2500, PW1000G

GEnx, GE9X, GP7000

Source: MTU, escalated


Future growth is secured by two different market approaches and the largest product portfolio worldwide

Dec 2019


Dec 2019 24

Competitive MRO landscape

MTU achieves an advantageous position compared to its competitors by covering all market segments

• Well positioned in all market segments as a unique selling point

• Technological know-how from the OEM segment creates high level of trust among independent airline customers

• Customized MRO solutions and asset management

• Continuous innovative product and service development

• High quality standards

• Financial strength and willingness to invest in long-term contracts and partnerships

• 3rd largest engine MRO provider worldwide

MTU's strengths

OEM Independent

Airline MRO

Access to engine fleets

Standardized solutions

MTU

GE RR

PW

StandardAero

American Airlines

SRT

SAFRAN

LHT

DTOAFI/KLM

CHR

Customized solutions



Dec 2019 25

Capacity demand vs. available capacity

Increasing demand requires capacity expansion primarily in best cost countries

• Rising demand for mature and new engine programs

• Short-term: full capacity utilization at existing locations

• Mid to long term: increase capacity and repair capabilities at best cost locations

• Strengthen partnerships with China Southern, Lufthansa Technik

Capacity share in best cost countries will increase from ~30% to ~50%

Highlights

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Current capacity demand

Best-costlocations

High-costlocations

Availablecapacity



Dec 2019 26

Key expansion projects support future profitable growth

• Most efficient GTF MRO shop worldwide

• JV with Lufthansa Technik

• Operational begin in Dec 2019

• Capacity ~450 SV*

EME Aero

• Prolongation of JV until 2051

• LEAP repair licenses

• 2nd expansion → ~ 450 SV*

• Long-term expansion concept under development

MTU Maintenance Zhuhai

• New parts repairs shop

• Capacity 400,000 repair hours

• Operational begin 2022

MTU Maintenance Serbia

• MTU Maintenance Hannover

• MTU Maintenance Berlin

• ASSB Malaysia

• MTU Maintenance Canada

Other MRO expansions

* Shop visits



Contents







7. Digitization@MTU


9. Appendix



Vision 2020 and Flightpath 2050 targets

MTU’s approach CLAIRE | Clean Air Engine

2000 2015 2030 2050

V2500 Fan with low pressure ratio Integrated high-efficiency propulsion

Geared Turbo Fan

∆ CO2-reduction in %∆ Noise reduction in %

100% 100% -40% -15% -50% -25% -65% -40%

Increase in alternate fuels

Dec 2019 28Company Presentation - MTU Aero Engines AG


Dec 2019 29

Our approach

2030 20502020

Maturity

Ele

ctric

p

rop

uls

ion

Ga

s tu

rbin

e

Application

Evolutionary Gen2 GTF development

Revolutionary concepts

Drop-in power-/sun-to-liquid: SAF

Turbo-electric, hybrid concepts

Batteries

Direct H2-burn/fuels cells with liquid-H2Urban

mobilityShort-range

Mid-range

Long-range

Urbanmobility

Short-range

Short-range

Mid-range

Long-range

Short-range

Mid-range

Long-range

Short-range

Mid-range

Long-range

Short-range

Mid-range

Long-range



Contents









9. Appendix



Organic Growth

Military revenues + 10%

Commercial OE Up low teens

Commercial Spares Up mid to high single digit

Commercial MRO Up high single digit*

31

Guidance 2019 Confirmed

*) Direct invoicing to IAE for V2500 OEM-MRO from MTU-Z in 2019 will lead to stable Com. MRO revenues – refer to our Investor & Analyst Day 2018 (see I&A presentation page 82-83,87,90)**) CCR = Free Cash Flow vs. Net Income adj.

Total Group Sales ~ 4.7 bn €

EBIT adj. margin ~ 16% (ex 15.5%)

Net Income adj. Growth in line with EBIT adj.

CCR** ~ 65-70% (ex 55% - 65%)



Dec 2019 32

2020 Main Drivers

The year 2020: Further growth of EBIT adj. and Free Cashflow

*) Cash Conversion Rate = Free Cashflow/Net Income adj.

Military

Commercial OE

Commercial Spares

Commercial MRO

stable

Up high single digit

Up mid to high single digit

Core MRO up high single digitAcceleration of GTF-Retrofit program under evaluation

EBIT adj.

CCR*

High single digit growth

~ 70%



Dec 2019 33

Capital structure management

MTUʼs financial strength gives us flexibility for business development opportunities and higher shareholder returns

1. No need for new equity as FCF further improves

2. Management of dilution remains a key item on the agenda

3. Dividend payout ratio towards 40% of net incomeadjusted

4. MTU has a well diversified refinancing profile

5. Balanced leverage ratio of net debt/EBITDA around 0.5-1.5 grants flexibility for business development and shareholder returns



US$ Exposure

• Approx. 75% of US$ revenues are covered with US$ costsvia procurement (“natural hedging”)

• US$ sensitivity will rise over the next years due to increasingnet US$ exposure

Rolling Hedging Model

• Exchange rate analysis andnew hedging contracts on a quarterly basis

• Hedging period: maximum 16 following quarters

US$ exchange rate / Hedge portfolio

34

Hedging ModelHedge book as of Oct 25, 2019 (% of net US$ exposure)

• For MTU hedging remains an instrument for risk mitigation

• Sensitivity pre hedging: 10 ct move in US$/€ exchange ratehas an impact of ~ € 100m on EBIT (2019)

1,450(=97%)

1,230(=70%)

920 (=51%)

420(=22%)

80(=4%)

2019 2020 2021 2022 2023

in m$

1.17 1.19

Average hedge rate (US$/€) 1.18 1.18 1.19



Contents









9. Appendix



36

Impact of digitization on MTU‘s business modelDigitization will not fundamentally alter the business model of MTU in the medium term but provides with opportunities to improve competitiveness further within the industry

Imp

act

on

pro

du

ct, b

usi

ne

ssm

od

el(“

Dis

rup

tive

“)

Impact on cost structure, quality, etc. (“Evolutionary“)

For companies in B2B industries, process improvements are often the focus of attention

B2C

B2B

Services

Media

Finance/Banking

Trade /Commerce

LogisticsAuto-

mobile

Insurance

MTU MRO

ChemistryMTU OEMEngineering

In B2C industries, digitizationpartly leads to a serious change in the business model



37

Digitization@ MTU focus on 4 areas of activity

Work 4.0

MRO 4.0

Technology 4.0

Production 4.0

Robotic process automation

Digital twin

Unified collaboration & communication

E-learning

IT security

Virtual engine

Additive manufacturing

Material & manufacturing simulation

Optimized material flow/Logistics 4.0

Intelligent machine control

Predictive analyticsPredictive maintenance (ETM)



Contents









9. Appendix



Commitment to society

Economic cooperation / support of universities and research institutes, local sponsoring

Product responsibility

Eco-efficient engines / Clean Air Engine, sustainable production and maintenance procedures, European SRIA standards

Sustainable business practices

Compliance, corporate governance, risk management, ratings & rankings

Responsibility toward employees

Occupational health & safety, work-life balance, development of young talent

Environmental protection

MTU climate strategy, environmental management on the shop floor

As a company, we take responsibility for our products, employees, customers, the environment and our society



Contents









9. Appendix



41

Financial figures 9M 2019

9M 2019: Group revenues up 3%; EBIT adj margin at 16.4%

9M 2018 9M 2019

187(9.4%)

168(8.3%)

9M 2018 9M 2019

163

303

Revenues[in m €]

EBIT adjusted[in m €]

Free Cashflow[in m €]

Net Income adjusted[in m €]

+12%

+9%

Commercial OEM Business Military OEM Business Commercial MRO Total GroupTotal OEM Segment

558(16.4%)509

(15.3%)

+3%

9M 2018 9M 2019

1,1381,037

324303

1,9962,020

3,319* 3,404*

-1%**

+7%

+10%***

+10%

+85%

370(25.3%)

341(25.4%)

*) Consolidated number // **) MRO (on US basis) organic growth +8% //***) Commercial OEM (on US basis) +3%

Appendix

9M 2018 9M 2019

363392+8%



MTU‘s credit ratings represent investment grade

42

Loan Details Amount Coupon Issue date Maturity

Convertible Bond 2016 225 m€*0.125%Conversion Price € 124.7701 (Premium 50%) 17 May 2016 17 May 2023

Convertible Bond 2019

Notes (Private Placement)

500m€

100 m€

0.05%Conversion Price € 378.4252 (Premium 55%)

3.55%0

18 Sept 2019

12 June 2013

18 March 2027

12 June 2028

Note purchase agreement 30 m€Variable interest rate corresponding to the 6-monthEuribor rate plus a percentage margin

28 March 2014 27 March 2021

Revolving Credit Facility 600 m€Customary market reference rates plus an additional margin; unused credit facilities are subject to a loan commitment fee

28 Oct. 2021

MTU is rated by two credit rating agencies:

Moody‘s (Long term) Baa3 stable outlook March 12, 2018

Fitch (Long term) BBB stable outlook March 01, 2019

Appendix

* Partial repurchase of 275 m€ in Sept. 2019



The GTF competitive advantage

43

Geared Turbofan GTF

Direct Drive Turbofan DDTF

Config 1-G-3-8-2-3

81 in Fan Diameter

Config 1-3-10-2-7

78 in Fan Diameter

GTF relative to Direct Drive Turbofan:

• 25 % less stages

• 45 % less airfoils• lower cycle temperature

= lower maintenance cost

• higher propulsive efficiency• higher low spool component efficiencies• shorter & lighter

= 3 % less fuel burn

• 3 to 4 dB quieter (EPNdB, cum.)

Appendix

The GTF concept achieves a 16% reduction in fuel burn versus the V2500 predecessor and a significant competitive advantage over the DDTF



Commercial engine fleet

44

Aircraft Segment Engine Program Share Aircraft Application

Widebody

(50 – 120 klb)

GP7000

PW4000G

CF6-80C

Genx

CF6-80E

CF6-50/80A

GE9X

22.5%

12.5%

9.1%

6.6%

n.n.

n.n.

4%

A380

B777

B747-400, B767, Boeing MD-11, A310

B787 Dreamliner, B747-8

A330

DC 10-30, B767, A310

B777X

Narrowbody

(20 – 50 klb)

PW2000

PW1100G-JM

PW6000

V2500

JT8D-200

21.2%

18%

18%

16%

12.5%

B757, C-17

A320neo

A318

A320 family, Boeing MD-90

Boeing MD-80 range

Regional Jets

(13 – 24 klb)

PW1500G

PW1700G/1900G

PW1200G

17%

15-17%

15%

Bombardier CSeries

Embraer E-Jet Gen 2

MRJ

Business Jets

(3 – 16 klb)

PW300

PW500

PW800

25% (PW305/306)

15% (PW307)

25%

15%

Learjet 60, Do328 JET, Gulfstream G200, Hawker

1000, Dessault Falcon 7X, Cessna Sovereign

Cessna Bravo, Cessna Excel

Gulfstream G500, G600

Appendix



Military engine fleet

45

Aircraft Segment Engine Program Share Aircraft Application

Fighter

Aircraft

EJ200

RB199

F414

30 %

40 %

4.4 %

Eurofighter Typhoon

Panavia Tornado

F414: F/A-18 E/F Super Hornet; EA-18G Growler

Transport

Aircraft

TP400 22.2 % A400M

Helicopter MTR390

T408

40 %

18.4 %

Eurocopter Tiger

CH-53K (US-HTH)

Appendix



Commercial MRO business: Top 10 engine MRO providers 2018*

46

MTU Maintenance is the largest independent and under the Top 5 MRO providers

TOP 10 MRO providers*

MRO Provider Market Share

1. GE Engine Services ~19 %

2. Rolls-Royce ~11-12 %

3. MTU Maintenance ~9-10 %

4. Pratt & Whitney ~6-8 %

5. Lufthansa Technik ~5 %

6. Delta TechOps ~4 %

7. Safran/Snecma ~4 %

8. AirFrance Industries / KLM ~4 %

9. Standard Aero ~3 %

10. American Airlines ~2 %

Appendix


*) Estimate based on active commercial jet engines under contract per Fleets Analyzer 10/2018, add-on for JV controlled workload, % share range pending on V2500/GTF calculation methodology (work split vs. program share)


Financial calendar 2020 & IR contact

47

Thomas FranzVice President Investor Relationsphone: +49 89 14 89-4787E-Mail: [email protected]

Claudia HeinleSenior Manager Investor Relationsphone: +49 89 14 89-3911E-Mail: [email protected]

2020

February 20, 2020Conference CallFull year results 2020

May 7, 2020Annual General Meeting

for the fiscal year 2020

April 30, 2020Conference CallQ1 2020 results

July 30, 2020Conference CallQ2 2020 results

October 29, 2020Conference CallQ3 2020 results

November 19, 2020Investor & Analyst Day

Matthias SpiesSenior Manager Investor Relationsphone: +49 89 14 89-4108E-Mail: [email protected]

Appendix



Cautionary note regarding forward-looking statements

48

Certain of the statements contained herein may be statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and

involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to

statements that are forward-looking by reason of context, the words “may,” “will,” “should,” “expect,” “plan,” “intend,” “anticipate,” “forecast,” “believe,” “estimate,” “predict,” “potential,” or “continue”

and similar expressions identify forward-looking statements.

Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) competition from other companies in MTU’s industry and MTU’s ability to retain

or increase its market share, (ii) MTU’s reliance on certain customers for its sales, (iii) risks related to MTU’s participation in consortia and risk and revenue sharing agreements for new aero engine

programs, (iv) the impact of non-compete provisions included in certain of MTU’s contracts, (v) the impact of a decline in German or other European defense budgets or changes in funding priorities

for military aircraft, (vi) risks associated with government funding, (vii) the impact of significant disruptions in MTU’s supply from key vendors, (viii) the continued success of MTU’s research and

development initiatives, (ix) currency exchange rate fluctuations, (x) changes in tax legislation, (xi) the impact of any product liability claims, (xii) MTU’s ability to comply with regulations affecting its

business and its ability to respond to changes in the regulatory environment, (xiii) the cyclicality of the airline industry and the current financial difficulties of commercial airlines, (xiv) our substantial

leverage and (xv) general local and global economic conditions. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences.

The company assumes no obligation to update any forward-looking statement.

Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration

thereunder or pursuant to an available exemption therefrom. Any public offering of securities of MTU Aero Engines to be made in the United States would have to be made by means of a prospectus

that would be obtainable from MTU Aero Engines and would contain detailed information about the issuer of the securities and its management, as well as financial statements.

Neither this document nor the information contained herein constitutes an offer to sell or the solicitation of an offer to buy any securities.

These materials do not constitute an offer of securities for sale in the United States; the securities may not be offered or sold in the United States absent registration or an exemption from registration.

No money, securities or other consideration is being solicited, and, if sent in response to the information contained herein, will not be accepted.



This document contains proprietary information of the MTU Aero Engines AG group companies. The document and its contents shall not be copied or disclosed to any third party or used for any purpose other than that for which it is provided, without the prior written agreement of MTU Aero Engines AG.

49

Proprietary notice


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